IMF Prepares New Lending Program For Iraq
2026-10-29 Shafaq News- Washington/ Baghdad The International Monetary Fund (IMF) is preparing a new lending program for Iraq, whose economy has been severely affected by the fallout from the war on Iran, after beginning talks with authorities in Baghdad, IMF spokesperson Julie Kozack said on Thursday.
Iraq was already facing severe financing constraints before the war began, she noted in a press conference, adding that the country's limited non-oil revenue base was putting pressure on public finances.
Earlier this month, IMF Managing Director Kristalina Georgieva revealed during the fund's annual meetings in Bangkok that Iraq had requested a new support program.
At those meetings, Georgieva praised the resilience of global economic growth despite the wars in Iran and Ukraine, but warned that the impact of conflicts varied significantly, with more vulnerable economies suffering the greatest damage.
Iraq's economy relies heavily on energy exports, most of which pass through the Strait of Hormuz, a vital shipping route for global oil supplies. The country was facing significant fiscal pressures even before the war began. The IMF forecast this month that Iraq's economy would contract by 16% in 2026.
Iraq's last program with the IMF ended in 2019. It is due to pay the international institution approximately $428 million in interest through 2030. https://shafaq.com/en/Economy/IMF-prepares-new-lending-program-for-Iraq
Oil Prices Climb As Middle East Conflict Threatens Supplies
2026-10-30 Shafaq News Oil prices rose on Friday — set for a fourth monthly gain — as an attack on a tanker in the Strait of Hormuz highlighted the continuing supply risks from the US-Israeli war on Iran, which has entered its eighth month.
Brent crude futures for December , which expire on Friday, advanced $1.20, or 1.04%, to $116.08 a barrel as of 0323 GMT. The more-active January contract gained $1.39 to $112.19.
US West Texas Intermediate (WTI) crude futures climbed $1.37, or 1.34%, to $103.37.
For the month, Brent was on course to finish nearly 11% higher, while WTI was heading for a 14% jump.
On Friday, a tanker in the Strait of Hormuz — the key sea outlet for Gulf crude and fuel supplies — was hit by explosive devices attached by a small boat, the UKMTO said. It was not immediately clear who was behind the attack.
“Continued kinetic action around the Strait of Hormuz amidst doubts of a viable diplomatic pathway are keeping oil prices elevated in expectation of an escalation of the conflict in coming weeks,” said Saul Kavonic, head of energy research at MST Marquee.
On Thursday, the Houthis said they had attacked several sites in Saudi Arabia, including its largest oil refinery, Ras Tanura, the Rabigh refinery and a production facility in Abqaiq owned by state company Saudi Aramco, while a Saudi-led coalition said it had intercepted a cruise missile launched by the Houthis towards the kingdom's western region.
US President Donald Trump said on Thursday that Vice President JD Vance had reached out to Iran to help the country get medical supplies, after US media reported Vance had written to Tehran's top security official to revive peace talks.
Iran has received a letter from Vance but it has not responded to it yet, the country's semi-official Tasnim news agency reported, while adding that Tehran wants the US to meet its conditions and "any position that contradicts this framework is unacceptable."
Amid the security concerns in the Middle East, ExxonMobil (XOM.N) and Chevron (CVX.N), have cancelled plans for their executives to travel to the United Arab Emirates' biggest oil show next week, two sources familiar with the developments told Reuters.
Oil prices could become even more volatile in the next couple of weeks due to Israel's parliamentary election and the US midterm congressional vote, Ole Hansen, the head of commodity strategy at Saxo Bank, said at a media briefing in Singapore on Thursday.
Hansen said the heightened uncertainty made it difficult to forecast prices, but he expects crude to trade in a higher range of $70 to $90 a barrel, compared with the pre-war level of $60-$70, even after the conflict ends due to the risk of renewed hostilities and the need for inventory replenishment. (Reuters)
https://shafaq.com/en/Economy/Oil-prices-climb-as-Middle-East-conflict-threatens-supplies
Iraq Second Among Singapore's Naphtha Suppliers
2026-10-29 Shafaq News- Baghdad Iraq ranked second among Singapore's naphtha suppliers, shipping 30,000 metric tons, behind Brunei's 37,000 tons, according to Singapore government data.
Iraq was also among the city-state's leading Middle Eastern fuel oil suppliers, alongside Saudi Arabia and Bahrain. Singapore's total fuel oil imports rose 19.1% to more than 1.15 million metric tons.
Meanwhile, Singapore's onshore oil product inventories increased 0.9% to 38.49 million barrels, driven by gains in clean distillate stocks.
Middle distillate inventories, including diesel and jet fuel, rose to 8.5 million barrels from 8.31 million the previous week, while light distillate stocks, including gasoline and naphtha, reached a two-week high of 11.304 million barrels.
Residual fuel oil inventories, however, fell 0.9% to 18.68 million barrels.
https://shafaq.com/en/Economy/Iraq-second-among-Singapore-s-naphtha-suppliers
Iraq becomes full member of International Olive Council
2026-10-30 Shafaq News- Madrid Iraq has become a full member of the Madrid-based International Olive Council (IOC), the intergovernmental body for the olive oil and table olive sector, after completing the legal and diplomatic requirements, the Agriculture Ministry said.
The Iraqi flag was raised at the council's headquarters during a ceremony organized by Iraq's embassy in Spain, attended by IOC Executive Director Jaime Lillo and representatives of member states and ambassadors.
Iraq served as an observer on the council for two years before full membership took effect on August 8, according to the IOC. It said that the country reported only 34 tonnes of olive oil and 340 tonnes of table olives for the 2023/24 crop year.
Though Iraq is not a major olive producer, membership will let it classify and register its products to international standards and build laboratory and tasting-panel capacity through the council's training and technical programs, the IOC said, offering newer growing regions a route to technical expertise.
In a recorded address, Agriculture Minister Abdul Rahim Jassim al-Shammari said the ministry is committed to developing the sector, diversifying seedling production, raising quality and preserving genetic diversity.
Last year, the ministry said its national fruit and olive propagation program achieved oil yields of up to 18% from varieties including Picual and Santa Caterina, after three years of collecting fruit from several regions and testing different presses. Yields had previously been below 10%.
Iraq’s Higher Committee for Construction and Investment previously approved plans for the country’s largest olive farm, in Wasit province, to be developed by an Iraqi-Spanish investment company. The project followed a visit to Spain in 2024 by then-Prime Minister Mohammed Shia al-Sudani, during which he met the head of the International Olive Council.
https://shafaq.com/en/society/Iraq-becomes-full-member-of-International-Olive-Council