The South Gas Company sign is seen in Basra, southeast of Baghdad, March 30, 2016.
Essam Al-Sudani / Reuters

Iraq’s outlook is bleak. Low oil prices have devastated the nation’s finances, which are already strained by the fight against the Islamic State (ISIS) and the flood of internally displaced refugees that has come with it. Although Iraqi forces and their affiliates have regained ground against ISIS, uprooting the group entirely will be a lengthy and expensive ordeal. All the while, Iraq’s critical oil pipelines and infrastructure are being damaged and, in some cases, destroyed. This has reduced domestic fuel supply and curtailed oil exports.

There is, however, an even larger threat to Iraq’s long-term stability

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