Though Iraq finally appears to be making significant gains against IS on the battlefield and last week’s approval of a $5.34bn IMF facility should give the economy a shot in the arm (see p15) the country’s refineries and products output shows no sign of a recovery.

Iraq’s refinery throughputs for April and May – at 354,000 b/d and 362,000 b/d respectively – were the two lowest figures since 2007. Until early 2014 refineries in the north of Iraq provided over half of the country’s products output: for 2012 northern runs were 345,000 b/d versus 241,000 b/d for the south (see chart). (CONTINUED - 414 WORDS)