Iraq managed to collect a lot of revenues from oil exports last year due to higher prices, but the Iraqi economy remains heavily reliant on oil income, which represents a massive 95% of the country’s federal budget revenue. Higher oil prices led to a budget surplus for Iraq, OPEC’s second-largest producer after Saudi Arabia, last year, according to the financial statements of the federal government reported by news outlet Shafaq News. Oil revenues accounted for an overwhelming 95% of Iraq’s federal budget, the data showed, raising…
