Is another economic crisis looming in Iraq, with dropping oil prices?
Iraqis are expressing great concern about the low oil prices amid the coronavirus outbreak, as the government may not be able to pay their salaries in the coming months.
Political and security crises in Iraq have been escalating, and the coronavirus outbreak has recently been added to the list. Meanwhile, news about the dropping oil prices has added fuel to the fire, and Iraqis are all at risk. According to Mazhar Mohammad Saleh, economic affairs adviser to the Iraqi government, 93% of Iraq's budget relies on oil exports.
On March 14, Saleh said, “Iraq has lost half of its financial revenues, with oil prices dropping to $30 [per barrel].”
