Tuesday, July 7
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An Oil expert confirms Iraq is on the verge of a major crisis as a result of US economic sanctions on Iran

BAGHDAD Oil expert Hamza al-Jawahery said that US economic sanctions against Iran would negatively affect Iraq in the coming days.

"The threat of Iran to close the Strait of Hormuz will lead to higher oil prices, but at the same time, the imposition of US economic sanctions on Iran early next month will reflect negatively on Iraq," he said, adding that Iraq can not dispense with Iranian gas and Electricity ".

"Iraq will be affected if these sanctions are imposed on Iran because there is no alternative to gas or electricity from Iran and all alternatives need more than a year and a half at best, then Iraq will have completed the construction of its four gas processing plants under construction currently".

The oil expert said that in the sense that there is no point in looking for a replacement at the moment for Iranian gas or electricity, which makes Iraq a major crisis.

The United States has announced the suspension of all exemptions granted to Iranian crude from May 2.

Source: National Iraqi News Agency