There is deep concern that the oil prices have dropped after news of a peace agreement between Ukrain and Russia. Article: “Oil Prices Sink as Ukraine Agreees to Peace Deal” This is Iraq’s worst nightmare because the budget and Iraq’s economic well-being is tied to the oil revenue. When prices drop, that’s serious. Oil prices dropped to… between $59 and $61 a barrel. Iraq needs oil to be about $80 + per barrel to be financially secure. Article quote: “The IMF…the budget break-even oil price has jumped to $84 per barrel.” …$60 is real serious…That peace deal…would provide more oil in the market…a market that is already oversupplied.
