Why does the US control Iraq's oil revenues?

Why does the US control Iraq's oil revenues? Submitted by Azhar Al-Rubaie on Mon, 09/21/2026 - 08:50 A system created after the 2003 invasion was designed to protect Iraq's oil wealth. More than two decades later, it gives Washington significant leverage over Baghdad A man counts US dollar banknotes at al-Kifah stock market in Baghdad on 27 December 2022 (Ahmad al-Rubaye/AFP) Off For more than two decades, Iraq 's oil wealth has passed through a financial system centred thousands of miles away in New York.