Save for later Print Download Share LinkedIn Twitter The oil price recovery has helped Iraq back on its feet, with its May oil revenues hitting a 16-month high. But as fears of financial meltdown recede, so do the urgent calls for change. The reforms pledged by the government of Prime Minister Mustafa al-Kadhimi, including belated preparations for the low-carbon energy transition, have made little headway. Indeed, as analysts warn, the logic of economic reform is actively opposed by powerful interest groups. Without them, the inevitable boom and bust oil cycles that caused Iraq such anguish in the past are set to become more dramatic. • Iraq's short-term outlook is much brighter than a year ago, but the long-term prognosis is getting bleaker.