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gababb09:

What are Iraq's major Industries? What are the risk to those Industries?

1 month ago
justjm:

OIL OIL OIL!!

1 month ago
justjm:

It's like the reason why the country is still thriving. Applies to most of the middle east. The risk can be seen in markets. When renewable resources are being considered around the world, they're like product substitutes. It'll lower the market demand for oil, and soon, Iraq won't earn money from oil.

1 month ago
justjm:

Also there can be domestic risks, such as the risk of terrorism which can impact the smooth service of oil delivery. This can impact the SUPPLY of the market.

1 month ago
justjm:

To counter this, Iraq and several other middle eastern countries formed a supranational organization called OPEC, where these Middle Eastern countries have formed a alliance within themself. Some people have argued that OPEC is a monopoly but it is in reality a cartel, because the firm demands of OPEC still do depend on the market (internationally).

1 month ago
justjm:

In case you are wondering, this is among one of the main reasons why countries are hesitant to switch to renewable resources. Over the 20th century, developed countries made several oil reserves, coal mines, and natural gas reserves. They spent several billions of dollars in input costs. With the advancement in technology and the formation of renewable resources, the market demand of fossil fuels has gone down, and we've spent billions on that. It's also difficult to switch, because fossil fuels overall are overall an oligopoly.

1 month ago
justjm:

This is also why places like Dubai, Doha, and Saudi Arabia are extremely rich. However, the market demand suppression in oil can create issues, which is one of the major warnings for these giants.

1 month ago
Allison:

I’m from Iraq, I confirm his/her answer!

1 month ago
justjm:

Wow that's nice! Pakistani here

1 month ago
Allison:

Very well then :) nice to meet you!

1 month ago
justjm:

Haan. Nice to meet you as well.

1 month ago
Allison:

(:

1 month ago
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