Last week, rioters burned down several buildings in Basra, a major city in Southern Iraq and home to most of the country’s oil production. Despite its oil riches, southern Iraq remains deeply unequal, which has fueled resentment and anger among the neglected populace even as international companies continue to ramp up production from Basra’s vast oil fields. Unemployment, poor public services, electricity outages (at the height of summer heat) and even contaminated water has stoked outrage. The protests in Basra have been going on in one form or another for months, culminating last week in the burning of the headquarters of Iraqi political parties and even the Iranian consulate. The central government dispatched troops to the city and a curfew was put in place, restoring calm. But the violence adds Iraq to the growing list of unstable OPEC countries that has rattled the oil market. “This is a dangerous […]