Iraq On The Brink Of Civil War Due To Disappearing Oil Revenues

[Elderberry]

Strange Sounds 4/6/2020

For many countries, the ongoing oil price depression has brought about a new era of impending economic implosion. Yet no one seems to suffer as much as Iraq nowadays – a country with no appropriate government, battle-bled from its fight against the Islamic State and torn apart by internal conflicts.

With a median age of 21 years, the challenge for Iraq as a federal state within its current borders is all the more complicated as the government has little to offer to large swaths of young people, tired of nepotism and red-tape.

Iraq could mitigate risks by handing out cash – it has none, it could tap into its reserves – again, very little (some $62 billion), effectively, Baghdad’s only survival strategy is to wait and pray for better times.

Iraq is in big trouble. The oil war is killing them softly and triggering a civil war. Get out fast if you can!

More: https://strangesounds.org/2020/04/iraq-civil-war-oil-price-battle-economic-implosion.html

[IsailedawayfromFR]

It is a rare OPEC country that does not overly rely upon oil revenues for its existence.

They just cannot take advantage of the windfall and develop other, more sustainable businesses that does not rely upon the whims of oil price.