Iraq: Iran War Squeezes Iraq’s Economy as Oil Revenues Fall and Prices Rise

Sep 26, 2026 | Waleed Ibrahim
Al Jazeera
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Iraq is a state heavily dependent on imports, from food and medicines to appliances, as well as raw materials for its industries. Its one big export is oil, but it sits on such a huge supply of the natural resource that revenues from the sale of oil abroad offset the imports and ensured that the country had a positive trade surplus.