The Clock Is Ticking Down To Iraq’s Economic Disaster On 27 July

OPEC’s second-largest oil producer, Iraq, has less than two months before it loses the key means to export its crude, with the agreement to move its product through two pipelines into Turkey expiring on 27 July. These routes have become vital to Iraq’s ability to monetise its oil flows since the effective closure of the Strait of Hormuz from 28 February. Up until then, around 95% of Iraq’s crude was shipped through that route to key export destinations in Asia, including China. The blockade of the Strait meant Iraq’s domestic…