Iraq Oil Supplies Vulnerable as Mideast Tensions Flare, IEA Says
- Iraqi exports doubled in last decade to 4 million barrels/day
- Global markets have ‘solid base’ to endure any supply shocks
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Oil supplies from Iraq, the Middle East’s second-biggest producer, are “potentially vulnerable” amid rising political risks in the country and the broader region, the International Energy Agency warned.
Crude prices briefly soared to a three-month high above $70 a barrel last week as tensions between the U.S. and Iran erupted in neighboring Iraq, where America assassinated an Iranian general and Tehran struck U.S. military bases in response. Though hostilities faded, the threat of escalation still menaces Iraq, which was already grappling with domestic protests that spread to its oil-rich southern region.