Will high oil prices derail reforms in Iraq and elsewhere in the Middle East?

Oil prices are surging, will that derail reforms in oil-exporting Middle East? A recent piece in hellenicshippingnews.com wonders, “In March, Iraq’s oil exports were worth just over $11 billion (€10.5 billion), the most the country has earned for oil in a month since 1972. Obviously, Iraq can afford to pay all of its bills this month, and the next. But what does this mean for reforms planned before these price rises? Is there even any point to them anymore?” Meanwhile, Saudi Arabia’s energy minister blames lack of investment for the recent surge in fuel prices…The prince, speaking at an aviation summit in Riyadh, said the world needed to look at energy security, sustainability and affordability as a whole.