Iraqi Export Revenue Edges Up As Political Uncertainty Escalates

Federal Iraqi crude exports increased 60,000 b/d to 3.29mn b/d in March, with the oil price increase meaning that revenues also rose, to $2.89bn, the first monthly rise since November 2015.

But elsewhere in Iraq all is not well. Prime Minister Haidar al-‘Abadi’s attempted cabinet reshuffle attracted an air of chaos when his unexpected nominee for oil minister withdrew within 24 hours. Kurdish academic Nazar Salim Doski Numan cited the lack of “political agreement over the form of the future government,” hinting that it was influenced by Mr Abadi’s failure to gain approval from the KRG.

Parliament has until 10 April to consider the nominees. Incumbent Oil Minister ‘Adil ‘Abd al-Mahdi is currently absent from the ministry until parliament examines his resignation, initially submitted in August and then repeated on 24 March (MEES, 1 April). Although relations with the prime minister are in dire straits, Mr ‘Abadi may yet opt to back him staying in his post in order to secure the support of Mr Abd al-Mahdi’s Islamic Supreme Council of Iraq (ISCI) for other nominees.


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