Iraq loses $60 billion to Iran war as Hormuz squeeze hits oil exports

AI Summary

Iraq is suffering massive economic losses due to disruptions in oil exports caused by the ongoing Iran war, leading to severe fuel shortages. The country, heavily dependent on oil revenues for over 90% of its federal budget, reports a $60 billion loss despite being a crude oil producer.

Iraq is facing significant economic difficulties as its oil exports are disrupted by the ongoing Iran war, resulting in serious fuel shortages. With over 90 percent of its federal budget reliant on oil revenues, Prime Minister reports a staggering $60 billion loss in oil income. Even as a key crude oil producer, Iraq still finds itself importing gasoline.