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Iraq is the second largest oil producer in the world after Saudi Arabia. Therefore economy of Iraq impacts directly the international oil market and indirectly the economies of the other developing countries in Asia and Africa. The Brent oil has increased in the international market for last 4 weeks due to crisis in Iraq.

The price of Brent crude oil settled below $ 60 per barrel on Friday which was a good thing for not just Iraq oil consumers but oil consumers over the world. With the prices receding countries like Iraq gain a lot of benefit as low prices attract more clients.

Iraq is losing a lot of money with the sale of oil. Per barrel cost is less than what it should be and it is costing a loss of billion dollars to Iraq. The US and Brent crude oil costs more than $ 60 a barrel but due to the hike and decline in the prices of oil.

It has been reported that Iraq being one of the major oil reserves, if oil supply stops from Iraqs side, it would cause the world a lot of problems. The world oil prices for Brent crude oil remained at $ 115 per barrel recently but they may rise.