Iraq Economic News and Points To Ponder Friday Afternoon 9-11-26
Iraq And Kyrgyzstan Seek Land Transport Agreement
2026-09-11 Shafaq News- Baghdad Kyrgyzstan will send Iraq a draft agreement covering both freight and passenger transport for review at future meetings between the two sides, the Iraqi Ministry of Transport said on Friday.
During a video conference, the discussions centered on allowing Kyrgyz trucks to transit Iraq en route to Gulf states and on simplifying technical and customs procedures at border crossings to cut time and costs. The ministry said such an arrangement would strengthen Iraq's position as a trade corridor linking Central Asia to the region.
https://www.shafaq.com/en/Economy/Iraq-and-Kyrgyzstan-seek-land-transport-agreement
Oil Surges Above $100 On Supply Fears
2026-09-11 Shafaq News Oil prices rose on Friday and both major benchmarks are on track to end the week above $100 a barrel for the first time since mid-May, as increasing attacks along key shipping routes in the Middle East fuel fears of a prolonged disruption to supplies.
Brent crude futures rose 81 cents, or 0.8%, to $108.44 a barrel by 0345 GMT. U.S. West Texas Intermediate crude rose 69 cents, or 0.7%, to $103.17 a barrel. Both benchmarks rose more than 6% on Thursday.
On a weekly basis, the benchmarks were trading nearly 13% higher — the steepest gain since the week ended July 17.
Iran-aligned Houthis seized control of Yemen's port of Mocha on Thursday, posing a further threat to Red Sea traffic, while Gulf traffic remains restricted through the Strait of Hormuz as tanker attacks in the region have intensified in recent days.
Attacks from Yemen on Saudi energy facilities marked an escalation beyond Iran and the Strait of Hormuz and raised fears of prolonged disruptions in the broader region, analysts say.
"While meaningful volumes are still moving through the Strait of Hormuz, flows remain well below pre‑war levels, underscoring how fragile the situation has become," ING analysts said in a note.
U.S. DIESEL PRICES SURPASS $6 A GALLON
Oil supply disruptions due to the U.S.-Iran war, along with Ukrainian attacks on Russia's refineries, pushed the U.S. national average diesel price past $6 a gallon for the first time ever on Thursday, according to price tracker GasBuddy.
Still, U.S. President Donald Trump has not shown any signs of easing attacks on Iran. He warned the U.S. may hit Iran's Pickaxe Mountain near its heavily damaged Natanz uranium enrichment facility, but said he thought the war would end immediately after the November midterm elections.
Iran said it had attacked 10 ships near the Strait of Hormuz on Wednesday, after the U.S. hit five Iranian oil tankers. Iran's Islamic Revolutionary Guard Corps said it would escalate its response to any further attacks.
"With events spiralling and Iran showing it is willing to stretch this conflict as wide and as long as it can, it is becoming increasingly likely that WTI crude will retest the $119.48 high from early March," IG analyst Tony Sycamore said.
Analysts said the rally's durability will hinge on China, the world's largest crude importer. If China continues to buy, it could amplify the impact of supply disruptions and drive prices higher.
OPEC lowered its forecast for world oil demand growth in 2026 to 380,000 barrels per day, a copy of its monthly report showed, marking the fifth straight downward revision. OPEC oil output fell by 640,000 bpd in August, a Reuters survey found.
"The next leg in oil will depend less on headlines and more on whether physical flows improve or deteriorate further," said Phillip Nova analyst Priyanka Sachdeva.
"The question now is whether the market can stabilise below $120, or whether another wave of supply disruption pushes crude into a completely new price regime." (Reuters)
https://www.shafaq.com/en/Economy/Oil-surges-above-100-on-supply-fears
Syria Targets 1.5M Cubic Meters Per Day At Al-Tabiya Field
2026-09-10 11:06 Shafaq News- Damascus Syria’s Al-Tabiya gas field in Deir ez-Zor has entered a new production phase, with output expected to reach about 1.5 million cubic meters per day after a third well is brought online, Syrian Petroleum Company Deputy CEO for Gas Hisham Al-Saleh told Shafaq News on Thursday.
Al-Saleh said the current operation remains experimental because equipment and pipelines had been idle for years, but early results were positive. Several other wells remain heavily damaged and will require longer repairs.
Rehabilitation included replacing about five kilometers of missing pipeline, repairing valves, restoring separators and the drying unit, and rebuilding the control and protection system with support from local companies and equipment recovered from other facilities.
The Al-Tabiya facility, commonly known as the Conoco gas field, had already begun returning to service in late August.
On September 1, the Syrian Petroleum Company said two of the field’s five wells had been restarted and were expected to provide up to 1.5 million cubic meters per day, with the gas pumped toward Syria’s central region to support electricity generation.
The company has been restoring damaged oil and gas infrastructure across Deir ez-Zor as part of a broader effort to rebuild domestic energy production after years of conflict.
Read more: Mazloum Abdi announces dissolution of SDF, AANES
https://www.shafaq.com/en/Economy/Syria-targets-1-5M-cubic-meters-at-Al-Tabiya-field
Iraq, Turkiye Finalize Draft Transport Infrastructure Deal
2026-09-11 Shafaq News- Baghdad/ Ankara Iraq and Turkiye have completed the final draft of an agreement on transport infrastructure development, moving the deal toward government approval and formal signing, Iraq’s Transport Ministry said on Friday.
The agreement stems from a framework memorandum of understanding signed in late July by Iraqi Transport Minister Wahab Al-Hassani and Turkish Transport and Infrastructure Minister Abdulkadir Uraloğlu.
According to the ministry, negotiators finalized the draft after four days of intensive talks in Baghdad that continued late into Thursday night.
The Iraqi delegation included representatives from the ministries of Transport, Oil, Finance and Foreign Affairs, the Central Bank of Iraq (CBI), the State Oil Marketing Organization (SOMO), and other technical bodies. Turkiye was represented by officials from its transport and infrastructure, energy and foreign ministries, as well as Ziraat Bank.
The talks focused on finalizing the agreement’s legal, technical and financial provisions, including implementation mechanisms, each side’s rights and responsibilities, and requirements for the projects covered.
The two sides agreed to submit the completed draft to their respective governments for final approval and completion of the required procedures. Once formally signed, the agreement would allow them to move toward contracting and implementation of the planned projects.
https://www.shafaq.com/en/Economy/Iraq-Turkiye-finalize-draft-transport-infrastructure-deal