Iraq Oil Revenue for March $11 Billion Highest in 50 Years

Today's Iraqi news video was a pleasure. For the first time since 1972, the country’s oil revenue was the highest in 50 years. This huge increase is due to the global market’s need for more oil due to the Russian Ukraine conflict. And the fact that oil is priced at around USD $110.09 per barrel.

Although this is wonderful news for Iraq, the sad part of the week was when the Iraqi Parliament was NOT able to elect a president for the third time.

For the third straight time, there were not enough parliament members in attendance to legally elect a president, who will in turn elect a Prime Minister, voted on by parliament.

It appears the Iran-back politicians are refusing to attend the parliament meetings because they do not like the candidates selected by the Kurdistan Region, or because they loss so many parliament seats in the October 2021 election.

Regardless of the reason, the clergy, Al-Sadr, who won 73 to 78 seats in the October election said he would back away for 40 days to allow his rivals to form an Iraqi government.

We will need to wait and see if the Pro-Iran members of parliament take him up on his offer. Voter turnout was 41%, a record low in the October election.

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