Anger is mounting in Iraq over new customs tariffs and taxes imposed by the government since the beginning of this year; a move authorities say was prompted by a slump in oil prices – the country’s main source of revenue.
Iraq, Opec’s second-largest producer after Saudi Arabia, has oil reserves of about 153.1 billion barrels and is highly reliant on crude revenue, which make up about 95 per cent of its income.
Oil prices on the international market have been bearish since last year due to several factors, including oversupply and Opec’s decision to maintain output levels.
As part of measures to compensate for losses and meet high financia
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