The International Monetary Fund (IMF) has declared Iraq’s oil production and oil fields unaffected from the nationwide protests, according to the National.
“We are concerned with the violence and loss of life; we are closely watching and so far there is no impact on oil production or fields. With the presence of ample reserves, it’s not yet expected that this could have an impact at the moment on oil price,” Jihad Azour, director of the IMF’s Middle East and Central Asia Department, said at a press conference in Dubai.
According to the IMF, regional geopolitical tensions have created uncertainty for oil prices, where short-lived spikes in prices often occur.
Despite the country’s vast oil wealth, many Iraqis are living in poverty. Protesters took to the streets in early October.
Iraq is OPEC’s second-biggest member despite the country’s economic hardship, poor public services, unemployment, and corruption.