The US relies on Iraqi oil to keep the American economy humming. That's why analysts don't believe Trump will follow through on his threat to punish Iraq with bruising sanctions if US troops are expelled from the country, writes Matt Egan | Analysis
Trump vowed Sunday to hit Iraq with penalties"like they've never seen before" if American troops are forced out on an unfriendly basis. "It'll make Iranian sanctions look somewhat tame," the president told reporters aboard Air Force One.That would be difficult to achieve without lifting already-rising oil and gasoline prices. Iraq is one of the most important oil producers on the planet.
OPEC has room to pump more oil to offset losses from Iraq or elsewhere. The cartel, along with allies like Russia, has been restraining production in a bid to boost prices. However, McNally said OPEC wouldn't be able to compensate for the loss of all of Iraq's production."We'd be out of spare capacity." To be sure, Trump did not specifically mention that US sanctions would target Iraq's oil industry. However, oil is clearly Iraq's most important industry.
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