Baghdad Protests 10% Tariff Hike Amid Oil Revenue Drop, IRAQ 10:30 AM

Baghdad announced a 10% increase in customs tariffs effective February 15, 2026, amid sharply falling oil revenues and a budget shortfall. Protests erupted in the capital as traders and workers warned of higher costs and reduced purchasing power. The government cited a 30% decline in crude oil prices since late 2024 as justification, with the minister of oil revenue stating the move aims to preserve domestic currency and support state coffers. The policy follows a 20% drop in oil exports last year, exacerbating a fiscal deficit that reached 12% of GDP in 2024.