Iraq is the second-largest oil producer in OPEC, and in recent months, its rising oil sales have resulted in a $20 billion cash surplus. Control of this money ultimately serves as the foundation for the current political turmoil because oil profits are illegally utilized to pay the nation’s political forces and paramilitaries.
With the Russia-Ukraine war, Iran is hoping to take a slice of European energy market, amidst talks of lifting of some sanctions from Tehran and worsening of Europe’s relations with Moscow. Iran will look to extend its political shadow over Baghdad’s oil resources to influence global oil market and stay ahead of its Saudi rivals.
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