Iraq

Iraq, despite being a major oil exporter, maintains a stable risk profile due to its ability to export oil without relying on the Strait of Hormuz. The country possesses substantial fuel reserves of 365 days, and gasoline remains affordable at $0.58/L for domestic consumers. While domestic distribution infrastructure is poor, its export capabilities provide economic stability, though a moderate food risk and 25% fertilizer cost increase are noted. The outlook suggests Iraq will continue to leverage its export capacity, but internal distribution challenges persist.