DefinePK

Abstract

The primary intention of work is to know the influence of oil price fluctuation from 2000 to 2021 on Iraq’s economy. For this, some other elements are also need to include in this study including the fluctuation of GDP, crude oil demand in international market and the Price of oil. The fluctuation means to the elements of when the oil price increases or decreases due to any incident. Global pandemic, Iraq war and unemployment rise in 2016 are the causes of fluctuation in oil price in Iraq and the impact of this incidents are also included in the study. This study collected data from different authorized sources and analyzed them in the section results. The relation between the different components related to oil price fluctuation is obtained. Secondary method of data collection and a mixed method for analysis are the elements used in the result section to know about the ascendency of price bin the oil on Iraq’s growth through economic factors. The result of this paper shows that the oil export industry in Iraq contributes around 92% of the total GDP. When the oil price fluctuation is studied in Iraq, it is observed that the fluctuation rates in GDP and oil prices are quite similar. Some of the incidents including the Iraq war and the global pandemic disrupted international oil trading, due to the economic growth of Iraq also declines. Therefore, the oil price in Iraq is proportional to Iraq’s economic growth, and from 2000 to 2021 it fluctuates rapidly due to the global pandemic and war. The availability of limited data on this matter causes a limitation in this study.