Iraq warns of 'collapse' if Trump blocks oil cashIraqi officials say around $35 billion of the country's oil revenues are held at the US Federal Reserve, which means Washington's threat to restrict access could be a major problem. The US then delivered an extraordinary verbal message directly to Prime Minister Adel Abdel Mahdi's office, two Iraqi officials told AFP. Iraq is OPEC's second-biggest crude producer and more than 90 percent of the state budget, which reached $112 billion in 2019, derives from oil revenues. The US already sanctions Iraqi nationals, armed groups and even banks for links to Tehran, Washington's arch-foe in the region. Iraqi officials said the US threat to deny access to oil revenues was met with shock, anger and near-disbelief.

Source: Bangkok Post January 13, 2020 03:56 UTC