Iraq is facing an economic crisis following the collapse of its oil sector due to the Iran war, compounding the pressures on a weak caretaker government struggling to contain the fallout of a spiralling conflict.
The country’s oil exports have fallen from 3.4mn barrels per day to around 250,000 since the war started, with storage tanks at near-critical levels, as Iran’s effective closure of the Strait of Hormuz shut off its main shipping route. Production has been slashed by nearly three quarters.
Tasked with tackling the crisis is a caretaker government with limited powers, still in place five months after the last general election.
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