Iraq’s Oil Minister, ‘Adil ‘Abd al-Mahdi, this week gave a candid and somewhat pessimistic assessment of the country’s finances, admitting that Iraq will miss its export target for the year unless Kirkuk oil and Kurdistan Regional Government (KRG) exports are included.

Iraq, he says, is already in deficit to the tune of $84bn and risks bankruptcy unless it cuts its near total dependence on crude oil sales as the only source of foreign revenues. (CONTINUED - 1825 WORDS)