IT WAS the story of 2015: not only was the so-called Islamic State (IS) unbearably brutal, but the terror-group was raking in vast sums of money by selling oil, using ingenious makeshift refineries and even exporting their petroleum -- a narrative that fit nicely with their Mad Max image of post-apocalyptic evil. To some, the terrorists' oil wealth was a sign that they were inc
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Introduction and executive summary 4 Base case Primary energy 9 Fuel by fuel detail 19 Key issues What drives energy demand? 44 • The changing outlook for carbon emissions 48 • What have we learned about US shale? 52 • China’s changing energy needs 58 Main changes Key uncertainties 71 • Slower global GDP growth 74 • Faster transition to a lower - carbon world 78 • Shale oil and
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Iraqi Prime Minister Haider al-Abadi said on Tuesday he would reshuffle his cabinet to appoint technocrats to replace ministers appointed on the basis of political affiliations. He gave no details about the timing of the change or what positions would be affected, but promised decisions soon including ones related to fighting corruption. "Out of my responsibility ... to lead th
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Statement by Shanta Devarajan, World Bank Chief Economist for the Middle East and North Africa region. STORY HIGHLIGHTS • In 2016, about 87 million people from four MENA countries directly affected by war—Iraq, Libya, Syria, and Yemen—represented about one third of the region’s population. Every aspect of people’s lives has been affected by the intensity of the fighting in the
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Iraq’s economic crisis is about to get worse. The government, which relies on oil for 90% of its revenue and 80% of foreign exchange earnings, faces plunging oil prices combined with rampant corruption and the exorbitant cost of battling the Islamic State (IS). Iraqi officials must come up with solutions that take all those circumstances into account. The country's economic pro
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