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Problems facing Iraq's oil industry in 2015 with lower oil prices- lack of resources for needed investment in older oil fields in the south, and loss of supplies with the conflict in the Kurdish north
03/11/2015
The older oil fields in the Basra region in the south need major investments to offset declining production. Oil production in the Kurdish region in the north has suffered from the invasion by Islamic State. Oil prices at $56 in the budget leave a deficit of $20 billion for Iraq. Iraq needs a price over $100 to balance the budget. An alternative is for Iraq to issue $10-15 billion in bonds for much needed investments in oil fields. Iraq depends on western oil companies for investment and modernization, yet many of these companies have not been paid for earlier work.
Grouped Articles
How Falling Oil Prices Are Hindering Iraq’s Ability to Fight Islamic State
Wall Street Journal 03.11.2015
U.S. Oil Prices Hit Fresh Six-Year Low, Dipping Below $40 a Barrel
Wall Street Journal 08.23.2015
From Venezuela to Iraq to Russia, Oil Price Drops Raise Fears of Unrest
New York Times 08.24.2015
Iraq Warns Oil Companies of Spending Cuts
Wall Street Journal 09.15.2015
Stalled Oil Field Project Adds to Iraq’s Woes
Wall Street Journal 09.16.2015
Battered by War, Iraq Now Faces Calamity From Dropping Oil Prices
New York Times 01.31.2016
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