Volatile Oil Prices Force Iraq to Explore Alternative Revenue Streams

OPEC’s second-largest oil producer, Iraq, is looking at alternative revenue streams as the volatility in international crude oil prices makes its budget income unpredictable. The finance committee at Iraq’s Parliament said on Monday it was looking to boost non-oil revenues to make government revenues more reliable and predictable. More than 90 percent of Iraq’s government revenue comes from oil, which makes one of OPEC’s top producers vulnerable to any decline in oil prices. “Iraq relies heavily on oil to boost its…