Iraq: Falling Oil Prices May Hurt Fight Against IS: Iraq

Jan 23, 2015 | Business Spectator
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Falling global energy prices are imperiling the Iraqi government's efforts to fight Islamic State militants, drawing fresh appeals from Baghdad for financial assistance. 

Iraqi Prime Minister Haidar al-Abadi publicly raised the issue following meetings Thursday in the UK with 20 countries that were focused on unifying the international community in the fight against Islamic State. Secretary of State John Kerry and UK Foreign Secretary Philip Hammond were among those who met with Iraq's new government. 

Baghdad generates around 85 per cent of its revenues through oil sales, which have been significantly reduced as oil has fallen to around $US46 a barrel from over $US100 a barrel last summer.