Iraq Economic News and Points To Ponder Friday Morning7-24-26
Iran Seeks Access To $11B In Energy Funds In Iraq
2026-07-23 / 13:35 Shafaq News- Tehran/ Baghdad Iran has between $10 billion and $11 billion in funds and energy receivables held or owed in Iraq, Central Bank of Iran Governor Abd Al-Naser Hemmati announced on Thursday.
Hemmati said he discussed the funds with Iraqi Central Bank Governor Nizar Nasser Hussein during Prime Minister Ali Al-Zaidi’s visit to Tehran, with both sides seeking mechanisms to allow Iran to finance imports or complete permitted financial transfers.
Part of the money has already been used to purchase essential goods, but transfer restrictions continue to “limit [Tehran’s] access” to the remainder.
Iraq deposits payments for Iranian gas and electricity into restricted accounts because US sanctions limit direct dollar and euro transfers to Iranian institutions.
Iraq pays Iran $4 billion to $5 billion annually for gas, according to Iraqi energy officials cited by Reuters in March 2025. Then-Electricity Minister Ziyad Ali Fadel estimated that losing Iranian gas would cut about one-third of Iraq’s 27,000 MW electricity output. Read more: $24 billion frozen asset dispute blocks final US-Iran agreement
https://www.shafaq.com/en/World/Iran-seeks-access-to-11B-in-energy-funds-in-Iraq
Attacks On Oil Fields And Companies In Basra Were Carried Out By Iraqi Armed Factions. The Guardian Reports That Iraq Has Failed To Invest Its Oil Wealth
latest news Thursday, July 23, 2026 Baghdad - One News - 7/23/2026 The British newspaper The Guardian revealed in a lengthy report that Iraq is facing one of its most dangerous security, political and economic tests since 2003, after it turned into an arena of indirect confrontation between the United States and Iran, amid escalating attacks on oil facilities and widening division over the weapons of the factions and their influence within state institutions.
According to the report, the series of attacks began after the outbreak of the regional war, with drones targeting oil fields, service facilities, and the headquarters of foreign companies in Basra, including sites linked to American and international companies operating in the energy sector.
The strikes caused widespread fires, forced hundreds of foreign workers to leave the country, and left thousands of Iraqi workers without work, significantly reducing oil production.
The newspaper quoted Iraqi officials as saying that most of the attacks were not launched from outside the borders, but rather originated from within Iraq and were carried out by Iraqi armed factions linked to Iran, in an attempt to disrupt the oil sector, raise global prices, and increase pressure on the US administration to halt its military operations against Tehran.
The report indicated that the perpetrators of the attacks possessed accurate information about the locations of the targeted warehouses, equipment and facilities, raising suspicions of leaks from within state institutions or companies operating in the oil sector.
Officials who spoke to the newspaper believe that foreign companies will not bear the losses alone, as the costs of the destroyed equipment will be borne by the Iraqi government, making the national economy, Iraq’s investment reputation, and its ability to attract international companies the biggest losers.
The Guardian confirmed that the war revealed the fragility of the Iraqi state and its inability to protect its airspace and vital facilities, despite the security leaders' knowledge of the parties behind the missile and drone launches, the chain of command, and the areas from which the attacks originate.
The report also linked the weak security response to the spread of corruption within military institutions, explaining that some leadership positions are bought with millions of dollars, which pushes leaders to protect their financial interests and avoid confrontation instead of enforcing the law and protecting state institutions.
In this context, the report indicated that Prime Minister Ali al-Zaidi escalated his stance against the armed factions, giving them until September 30 to hand over their weapons and integrate their combat formations into the official security forces, as part of a project to restrict weapons to the state and reduce Iranian influence.
While some of the older factions accepted the idea of merging into the state, the ideological factions under the umbrella of the “Islamic Resistance in Iraq” refused to hand over their weapons, considering that the confrontation with the United States and Israel represents an existential battle and a religious duty, and that their weapons will not be surrendered as long as the American presence exists.
The report indicated that the American pressure was not limited to the political and security aspects, but also included influential economic tools, as Washington halted cash dollar shipments sent to Baghdad in April, before resuming them in July after the government announced practical steps towards disarming the factions.
According to the report, these pressures coincided with a severe oil crisis, after the closure of the Strait of Hormuz and attacks on Basra facilities led to a decline in production and exports and the appearance of long queues in front of gas stations, in scenes that brought back memories of the chaos that Iraq witnessed after 2003.
The newspaper pointed out that Iraq’s reliance on oil revenues to fund the salaries of about four million government employees made it highly vulnerable to any halt in production or exports, and prompted it to look for alternative routes, including restarting the Iraqi-Saudi pipeline to bypass the Strait of Hormuz.
The report also addressed the reasons for Iraq’s failure to invest its oil wealth since 2003, despite the entry of major companies such as BP, ExxonMobil and Shell, explaining that corruption, bureaucracy, contractual disputes and delays in financial dues prompted international companies to reduce their operations or withdraw from their projects.
The Guardian added that the oil contract system in Basra is subject to the influence of parties, tribes, and sometimes armed factions, which profit from government contracts, making the oil sector for many Iraqis a symbol of corruption and mismanagement rather than a source of national pride.
In parallel with the arms crisis, the government expanded its anti-corruption campaign, which included senior officials in the Ministry of Oil, including Deputy Oil Minister Adnan al-Jumaili, after millions of dollars, billions of dinars, quantities of gold and weapons were seized, before the investigations expanded to include dozens of deputies and officials.
The report considered that the Iraqi political scene is embodied in two contradictory images; the first being Prime Minister Ali al-Zubaidi’s participation in the funeral ceremonies of Iranian Supreme Leader Ali Khamenei in Najaf, and the second being his sitting a few days later next to US President Donald Trump in the White House, renewing his pledge to restrict weapons to the state, combat corruption, and attract American investments.
The Guardian concluded that Iraq faces a highly complex equation: it is financially and economically dependent on the United States, while simultaneously confronting deeply entrenched Iranian influence within its political and security institutions, leaving it caught between two competing powers at one of the most sensitive junctures in its modern history.
https://1news-iq.net/الهجمات-على-الحقول-والشركات-النفطية-ف/
Al-Zaidi Urges Iran To Seize Iraq Dialogue Opportunity
2026-07-23 / 11:36 Shafaq News- Tehran Iraq has long served as a platform for dialogue and resolving regional disputes, Iraqi Prime Minister Ali Al-Zaidi said on Thursday, urging Iran to seize the current opportunity to advance "de-escalation dialogue."
During a meeting in Tehran with Iran's Judiciary Chief Gholam-Hossein Mohseni Ejei, Al-Zaidi reaffirmed Iraq's commitment to building strong relations with Iran and expressed his government's readiness to deepen cooperation, especially in the economic sector, in a way that serves the interests of both countries, according to a statement from the Iraqi prime minister's media office.
The two sides discussed ways to strengthen bilateral relations and expand cooperation across multiple sectors, particularly in the judicial field, emphasizing the judiciary's role in supporting stability. Iraqi Prime Minister Media Office
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Prime Minister Ali Faleh Al-Zaidi Meets with the Head of Iran’s Judiciary in Tehran
Prime Minister Ali Faleh Al-Zaidi met in the Iranian capital, Tehran, with the Head of Iran’s Judiciary, Gholam-Hossein Mohseni Ejei.
The meeting discussed ways to further strengthen relations between the two countries and enhance bilateral cooperation across various fields, particularly in the judicial sector. The two sides also emphasized the role of the judiciary in supporting and consolidating stability.
During the meeting, Prime Minister Al-Zaidi reaffirmed Iraq’s commitment to building the strongest possible relations with the Islamic Republic of Iran and expressed the government’s readiness to expand joint cooperation across various sectors, particularly in the economic field, in a manner that serves the interests of both countries and promotes the prosperity of their peoples.
The Prime Minister also stressed that Iraq has long served, and continues to serve, as a platform for dialogue and the resolution of disputes across the region, underscoring the importance of seizing the current opportunity to advance dialogue and de-escalation efforts.
For his part, Mr. Ejei highlighted the religious, historical, and social bonds between Iraq and Iran. He commended the Iraqi government’s measures and efforts to combat corruption, noting that Iran has experience in combating corruption and stands ready to cooperate with Iraq in this field. He also expressed his appreciation to the Iraqi people for their noble gesture in participating in the funeral procession of Grand Ayatollah Ali Khamenei.
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Media Office of the Prime Minister July 23, 2026 Ejei highlighted the religious, historical, and social ties between Iraq and Iran, praising the Iraqi government's anti-corruption efforts.
“Iran has an experience in combating corruption and stands ready to cooperate with Iraq in this field,” he offered, appreciating the Iraqi people for “their noble gesture in participating in the funeral procession of Grand Ayatollah, Ali Khamenei.”
https://www.shafaq.com/en/Iraq/Al-Zaidi-urges-Iran-to-seize-Iraq-dialogue-opportunity