The yet-to-be formed Iraqi government will have to deal with creaking infrastructure.

Federal Iraq exported 3.52mn b/d in June—all from its southern export facilities. With Iraqi crude prices staying just under $70/B and volumes at near record-highs, this equates to $7.32bn in crude export revenues – the first time since August 2014 that Iraq has recorded back-to-back months in excess of $7bn.

MEES estimates that if export volumes and prices remain stable throughout 2018,...