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Trade fell sharply in 1991, before picking up again after the beginning of the oil-for-food program in 1997. By 2001, the EU accounted for 33.3 percent of overall trade and 55 percent of Iraq's imports, after which it began to decrease once again. [2] European economic engagement with Iraq is thus increasing, and can be expected to continue to ...
In a December 2006 Newsweek International article, a study by Global Insight in London was reported to show "that Civil war or not, Iraq has an economy, and—mother of all surprises—it's doing remarkably well. Real estate is booming. Construction, retail and wholesale trade sectors are healthy, too, according to [the report].
Iraq's large oil reserves [1] [2] have attracted attention from the United Kingdom, a country with a high demand for (and a low supply of) oil. British involvement in the Iraqi oil industry dates to World War I. Political influence in the region has given the UK the power to establish a number of oil companies in Iraq.
However, four wars [48] —the 1980–1988 Iraq-Iran War, 1991 Gulf War, the 2003–2011 War in Iraq, and the civil war—and the 1991–2003 UN sanctions have left the industry's infrastructure in poor condition, and the de facto independence of oil-rich Kurdistan Region have limited production. [45]: 5–6
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The Iraq War (Arabic: حرب العراق, romanized: ḥarb al-ʿirāq), also referred to as the Second Gulf War, [84] [85] was a prolonged conflict in Iraq lasting from 2003 to 2011. It began with the invasion by a United States-led coalition, which resulted in the overthrow of the Ba'athist government of Saddam Hussein.
A drop in oil production in the wake of the Iranian revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, [2] the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to $39.50 per barrel ($248/m 3).
The 1990 oil price shock occurred in response to the Iraqi invasion of Kuwait on August 2, 1990, [1] Saddam Hussein's second invasion of a fellow OPEC member. Lasting only nine months, the price spike was less extreme and of shorter duration than the previous oil crises of 1973–1974 and 1979–1980, but the spike still contributed to the recession of the early 1990s in the United States. [2]