Tags: Iraq | ISIS/Islamic State | War on Terrorism | falling oil prices | Iraq | impact | defeat

WSJ: Falling Oil Prices Hurting Iraq's Bid to Defeat ISIS

Friday, 23 Jan 2015 11:40 AM

The precipitous drop in global oil prices is endangering Iraqi efforts to fight the Islamic State (ISIS), sparking an appeal to the U.S.-led international coalition for more financial support, The Wall Street Journal reported.

During meetings on Thursday in London with officials from 20 nations, including U.S. Secretary of State John Kerry and U.K. Foreign Secretary Philip Hammond, Iraqi Prime Minister Haidar al-Abadi laid out his embattled country's desperate need for an infusion of war cash.

Baghdad obtains 85 percent of its revenues through the sale of oil, but with the price of black gold plummeting to $46 a barrel from over $100 last summer, Iraq's coffers have been decimated, according to the newspaper.

"This has been disastrous for us," Abadi said at a press conference. "I cannot stress this anymore, and we explained this to our partners in the coalition, and I think there will be a program to stand with Iraq.

"We don't want to see a reverse of our military victory due to our budget and fiscal problems, and we have been assured that every member of this coalition will stand with Iraq."

A senior U.S. official who met with Abadi told the Journal: "Despite Iraq hitting a record number of oil exports in recent months, the price of oil is impacting their ability and their resource base.

"It's not at the level that we anticipated about 100 days ago when we were thinking through where we'd be."

Even though the Iraqis have criticized the coalition's protracted and underwhelming attempts to rebuild its military, Kerry said the coalition has reclaimed 700 square kilometers of territory from ISIS.

Nevertheless, U.S. and British officials have warned that the fight against radical Islam will be a generational struggle, according to the Journal.

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The precipitous drop in global oil prices is endangering Iraqi efforts to fight the Islamic State (ISIS), sparking an appeal to the U.S.-led international coalition for more financial support, The Wall Street Journal reports.
falling oil prices, Iraq, impact, defeat, ISIS, coffers, decimated
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2015-40-23
 

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