Oil Price | Unpromising Future of the Oil Refineries in Iraq

Since the discovery of major oil refines in Iraq, the country has been a constant piece of attraction and intervention of political corruption, military involvement and foreign debt. But it’s a misfortune of the country that Iraq has been under continuous encounter with conflicts. This has led to the overtaking of a few oil refineries. The Iraqi government and US government are both in consent with the fact that these issues should be resolved as soon as possible because this has been causing quite a stir. It is not only damaging the Iraqi economy and welfare but also disrupting the world economically and oil prices all over the world.

The basic issue is very crucial and of dire consequences which is on how to resolve this crisis. This crisis must be resolved in a way that it does not have any kind of adverse effects on the Iraqi government, by the policies adapted by the foreign governments who are in the abhorrence for the present Prime Minister, Nuri al-Maliki.

Either way these calamities are having a very hostile effect on the oil prices. The oil prices are increasing day by day to soaring heights. With the constant regulation of oil worldwide via Iraq, the exports are under control but this situation may not remain the same.  Due to the buzz about the acceleration in conflicts in Iraq, the oil prices are surely to take a drastic turnabout which is sure to cause quite a stir universally. And most important of all, the areas that are major export sites are under high alert due to the increased possibility of attacks.

Despite the varying energy policies by different nations the conflict is unable to be resolved. Rather than coming on a mutual consensus the circumstances are getting worse day by day. It is affecting the Iraqi economy drastically and destroying the economic welfare of the country brick by brick leaving it hollow. The oil companies have since started to get worried about the oversupply and undersupply of oil even in the presence of international laws and rules of oil market. For them, these constant changes are a drawback in company’s profit margins.

Now the major question arises, how long will this destruction of economy continue? When will this trial end? And by the time it will end will the economical pieces will be enough to be joined back and form what they were once?

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