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Iraq’s Premier Calls Oil Price Drop “Disastrous for Us” and We Wait for The Shoe to Drop
22 Jan 15
Iraqi Prime Minister Haider al-Abadi says oil price drop “has been a disastrous for us” and could impact ability to fight Islamic State.
Iraqi Prime Minister Haidar al-Abadi said government revenue lost due to the decline in global oil prices may hinder Iraq’s ability to conduct its fight against Islamic State.
Iraq has raised with allies the possibility of buying needed arms and munitions under terms that would defer payment until oil prices increase, he said.
“Oil prices have dropped to about 40 percent of their level last year,” Abadi said at a press conference in London on Thursday, following a meeting of members of the U.S.-led coalition against the Islamist militant group. “Iraq’s economy and budget relies 85 percent on oil and this has been disastrous for us.” Read more
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