Iraq has suffered heavily from the global decline in oil prices. A year ago, the government pulled in about $300 million per day in revenue. Now it’s down to roughly $240 million a day.
The surge in production hasn’t compensated for the fall in oil prices, but the government benefits the most from a production boost. The ISIS continues to commandeer many of Iraq’s oil rigs, robbing the Iraqi government of much-needed oil money.
ISIS controls about 10 percent of Iraq’s oil fields. However, ISIS has to sell its oil at a discount because it must go to the black market for buyers.
Despite all these obstacles, despite all these problems, Iraq is pumping oil at a pace not seen in nearly 40 years.