IRAQ

Baghdad is on track to pocket just $49bn in crude export revenue this year, down by 42% from 2014’s $84bn and by almost half from 2012’s record $94bn. This is despite crude export volumes having risen from 2.4mn b/d to 2.8mn b/d over the same period (see graph 1).

These numbers exclude independent Kurdish exports. Overall Iraqi production and exports – including the Kurdistan Regional Government (KRG) – have risen even more strongly, with production hitting an...