Not long ago, the future looked bright for the Kurdistan Region of Iraq. Propped up by oil revenues and tourism - the KRI was the most prosperous part of the country. Today, oil prices have been halved. Tourism and foreign direct investment have all but disappeared as coalition forces fight ISIL militants.

Erbil, the capital of Iraq's semi-autonomous Kurdish region was once considered the pearl of Iraq. Its vast oil wealth led to rapid foreign direct investment development projects.

Today, idle cranes and unfinished buildings dot Erbil's skyline big dreams frozen in time.

In 2014, Baghdad cut off the region from its 17% share of oil revenue then worth 14 billion dollars. A controversial pipeline to export oil to Turkey quickly became Kurdistan's only lifeline.

Since then, ISIL has moved in taking over neighboring Mosul and sending thousands fleeing. The estimated debt facing the Kurdish government has surpassed $18 billion.

"Trade is not good in the market. People have less money. They are not able to get their salaries on time. They get one check every 40 days, and it's not enough. If they don't get their money, we cannot sell goods," said Shavan Casem Saleh, Erbil merchant.

The region's worsening economy is noticeable on the streets of Erbil shuttered shops, bankrupt shopping centers the excitement of once bustling market places gone.

According to the Kurdistan Regional Statistics Office, the poverty rate has risen from three percent in 2013 to 12 percent today.

This is Erbil's Surchi Bazaar. Here you can get pretty much anything and everything you need it may all be second hand, but that's ok for cash strapped refugees. It's providing a living for locals.

"Mostly Arab immigrants are buying this stuff because they have less money. They left all their things after ISIL attacked their homes, and they came here with nothing," said Burhan Kale, Erbil merchant.

"When ISIL took Mosul, many residents migrated, many refugees came to Erbil. These people buy second hand stuff. We are very sorry for what happened to them, but their buying has became business for Erbil," said Umid Keyfi Zair, Erbil merchant.

While military operations to clear the region of ISIL militants continue, OPEC is considering a cap on oil production, in an effort to bring prices back up.

Zair also said, "Every increase in oil prices is good for us. But there's a downside. We are sharing the oil income, but our government is not giving that money directly to us."

There's no guarantee OPEC's move will increase oil revenue or for that matter if Baghdad will share the wealth if it does.