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Iraq's Economy Reels as Hormuz Blockade Chokes Oil Revenues
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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…
Original article published by
OilPrice.com
on March 26, 2026.
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Analysis and insights provided by AnalystMarkets AI.