Plunging oil prices have pitched Iraq into a severe financial crisis as it struggles to combat the Islamic State group, play host to millions of refugees and rebuild cities and towns ravaged by war. Iraq’s economy is almost completely reliant on oil, which accounts for 95 percent of government revenues. With global prices hovering around $30 a barrel, Iraq has had to draw on foreign exchange reserves to fill a shortfall in the 2016 budget, which anticipated $45 per barrel. In past years, when oil prices were closer to $100 per barrel, Iraq had attracted foreign investment and rebuilt much of its oil infrastructure after decades of war and sanctions. “We are now exporting greater quantities than ever before,” said Oil Ministry spokesman Assim Jihad. “But in return the oil revenues have decreased.” The ministry says Iraq brought in a little over $2 billion in oil revenues last month, […]