The global economy represented a major threat to the oil market in the first half of the decade as global economic uncertainty and growing risks around the international financial system weighed on the economy. Growing social unrest in many parts of the world, while the market was relatively well balanced, affected both supply and demand in the first half of the decade. Prices were stable from 2011 to mid-2014, but fell in 2014 due to speculation and overwork. Further increase in demand in Asian countries and shrinking trade patterns in OECD in general continued to change. With the prospect of a new UN-led climate change agreement, the world's attention to multilateral environmental issues has begun to intensify. OPEC continued to achieve market stability with the aim of further strengthening dialogue and cooperation with consumers and non-OPEC producers.

Iraq is a member of Organization of the Petroleum Exporting Countries (OPEC), kindly analyze the effects of above on Iraq's economy.