Iraq's Economy Reels as Hormuz Blockade Chokes Oil Revenues ...Middle East

Iraq is seeing the worst of the Middle East crisis as its heavily oil-dependent economy is now collapsing with the trickling oil revenues amid the blockage of the Strait of Hormuz.  Iraq, OPEC’s second-biggest oil producer behind Saudi Arabia, has done very little in recent decades to diversify its heavy dependence on oil. Petroleum sales still account for 90% of revenues for state budget. While other producers in the Middle East also depend on oil sales, none is as dependent as Iraq.  This dependence resulted in collapsing oil…

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