Iraq Economic News and Points To Ponder Late Sunday Evening 7-5-26

Iraq Promises Rewards For Reporting Stolen Public Funds

Baghdad (IraqiNews.com) – Iraqi Prime Minister Ali al-Zaidi urged citizens on Saturday to report stolen public funds, promising rewards for those who assist in recovering embezzled money as part of a national crackdown on corruption.

Al-Zaidi called on all people to disclose public assets and finances gained via corruption offenses and to participate in exposing, retrieving, and returning them to the state, according to a statement released by the Prime Minister’s Office (PMO).

In accordance with the law, whistleblowers will be awarded a satisfying cash percentage, according to the statement.

The Iraqi government launched a countrywide anti-corruption campaign last week known as “Operation Dawn.” Al-Zaidi ordered the crackdown, which has resulted in the arrests of several lawmakers and senior officials, as well as the recovery of millions of dollars, gold, luxurious cars, and real estate.

Iraqi security forces began the massive campaign following judicial orders, targeting dozens of current and former government officials.

The step, which included lifting parliamentary immunity and overnight raids in Baghdad’s Green Zone, is based on confessions and investigations into the major arrest of Adnan al-Jumaili, a deputy oil minister accused of corruption.

The Iraqi Prime Minister’s legal advisor, Munir Haddad, said last week that the number of suspects continues to increase as investigations with the arrested ones are ongoing.

Some of the suspects attempted to leave the country or seek a safe haven in Iraqi Kurdistan, but Kurdish authorities have shown cooperation and handed over eight suspects so far.

The offenses being investigated include both typical embezzlement and money laundering.

https://www.iraqinews.com/iraq/iraq-promises-rewards-for-reporting-stolen-public-funds/

Iraq Pushes For Higher OPEC+ Oil Quota As 2027 Capacity Review Looms

Berlin – Seven OPEC+ members decided on Sunday to again raise oil production quotas as Gulf countries reel from the Middle East war.

Ministers from key OPEC+ countries Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on Sunday and “decided to implement a production adjustment of 188 thousand barrels per day,” a statement from the organisation said, adding that “this adjustment will be implemented in August 2026”.

Gulf countries had to cut output after the near-paralysis of the Strait of Hormuz orchestrated by Iran during the war in the Middle East, which blocked their oil exports for several months.

Between the first quarter of 2026 and May, combined production by Saudi Arabia, Iraq, and Kuwait — three of the seven countries raising their quotas — fell by some six million barrels per day, OPEC data have shown.

But on June 17, Tehran and Washington signed a memorandum of understanding, committing themselves to removing obstacles to maritime traffic in the Strait of Hormuz for the duration of talks following the signature.

Giovanni Staunovo, a commodity analyst at the Swiss bank UBS, told AFP that “for now, production is probably still below” OPEC+’s targets.

– Time-consuming restart –

Since the memorandum of understanding was signed, ship transport in the region has slowly recovered, with oil prices dropping sharply to levels comparable to those seen before the war in anticipation of a gradual return to normal.

Oil supplies through this shipping lane may already have exceeded ten million barrels a day, according to a US official quoted by the Bloomberg agency.

But the oil currently leaving the strait has up to now been sitting in tankers or storage facilities, said Saxo Bank analyst Ole Hansen, adding that “shut-in production takes time to restart”.

“Assuming shipping continues to normalise, July will show an improvement with August probably being the month where the pickup accelerates,” he told AFP.

– Cohesion at stake –

“For next year, everybody is anticipating a surplus,” Jorge Leon, an analyst at Rystad Energy, told AFP.

Rebuilding the inventories that countries tapped during the conflict should help absorb the flows at first, but producers may face a strong downward pressure on prices later on.

And OPEC+, already weakened by the departure of the United Arab Emirates from the group in May, will have to manage sliding prices while members will push for production increases.

Iraq, in particular, has asked the cartel to raise production quotas to make up for the shortfall it incurred during the war in the Middle East, the Iraqi Oil Ministry said in late June.

But Hansen said the need for a higher quota “is not imminent” as production volumes are still far from their pre-conflict levels.

“Iraq’s request may become part of the 2027 capacity review, where production baselines will be examined,” he added.

At the end of the year, the OPEC+ is indeed due to reassess members’ quotas based on their ability to produce more, which could become a thorny issue.

https://www.iraqinews.com/iraq/iraq-pushes-for-higher-opec-oil-quota-as-2027-capacity-review-looms/

Iraq Signs Halliburton Deal To Boost Oil And Gas Production

Baghdad – Iraq’s government and US oil services giant Halliburton signed a deal Sunday to manage two oil fields in the country’s south, as Baghdad looks to boost production.

The state-owned “Basra Oil Company has signed a joint management contract with the American company Halliburton for the Bin Omar and Sinbad oil fields” in Basra province, said the Iraqi oil ministry’s media office.

Iraqi Oil Minister Bassem Khodeir said the deal with Halliburton aligns with the government’s plans to “boost oil and gas production capacity.”

He added that Iraq aims to boost oil output at the Bin Omar field by 150,000 barrels per day (bpd) within five years, along with 300 million cubic feet of associated gas.

Production at the Sinbad oil field should increase by 80,000 to 100,000 bpd.

Baghdad’s new government, led by Prime Minister Ali Al-Zaidi, has urged the OPEC oil cartel to increase Iraq’s oil production quota, taking into account the damage done to its industry from past conflicts and the recent Middle East war.

Like other oil producers, Iraq, a founding member of OPEC, was greatly affected by the US-Iran conflict, as it is hugely dependent on oil exports, which make up about 90 percent of its budget revenues.

The new contract with Halliburton was signed prior to Zaidi’s upcoming visit to Washington later this month.

Zaidi, who only recently took office with the blessing of the United States, hopes to attract more US investment to Iraq, which urgently needs to revive its economy, especially after revenue losses caused by the halt of oil exports during the Middle East war.

https://www.iraqinews.com/iraq/iraq-signs-halliburton-deal-to-boost-oil-and-gas-production/

Chief Justice Faiq Zidan Orders Major Overhaul Of Iraqi Judiciary

Baghdad (IraqiNews.com) – The Supreme Judicial Council of Iraq has enacted an expansive administrative overhaul across the federal judiciary following a series of executive decrees issued on Sunday, July 5, 2026. Authorized by the President of the Council, Judge Faiq Zidan, these fundamental structural realignments include high-level reassignments, the rotation of key leadership benches, and the deployment of twelve senior judges to the federal appellate court.

Legal observers consider this judicial restructuring to be one of the most comprehensive institutional reorganizations in recent years, explicitly designed to maximize institutional efficiency, optimize administrative oversight, and enhance institutional performance across provincial jurisdictions.

According to official court documentation obtained by IraqiNews.com, Judge Zidan authorized the immediate assignment of twelve prominent judges to serve as temporary delegates within the Federal Court of Cassation under the explicit statutory provisions of the Judicial Organization Law.

Simultaneously, the Supreme Judicial Council formalized a crucial executive change within the national prosecution apparatus by assigning Judge Adel Khudhair Abbas to officially assume the responsibilities of Chief of Public Prosecution. Prior to this landmark appointment, Judge Abbas served as a leading member of the Judicial Oversight Commission, bringing extensive institutional evaluation experience to the state’s highest prosecutorial office.

The judicial decrees also introduced targeted structural changes within the provincial court leadership of Babylon, Saladin, and Anbar provinces, replacing several outgoing officials with experienced appellate jurists to lead regional judicial headquarters. Under these new directives, the Deputy President of the Babylon Appeals Court, Hamid Mahdi Thomas, has been elevated to officially run the Babylon Appeals Court.

In a parallel move, the Deputy President of the Saladin Appeals Court, Walid Ahmed Kurdi, was advanced to manage the Saladin Appeals Court. Finally, the Deputy President of the Anbar Appeals Court, Ali Daij Jariyan, received a direct assignment to take full operational control of the Anbar Appeals Court, concluding a highly strategic institutional rotation within Iraq’s judicial hierarchy.

https://www.iraqinews.com/iraq/iraq-supreme-judicial-council-faiq-zidan-overhaul-reassignments-2026/

Chief Justice Faiq Zidan Orders Major Overhaul Of Iraqi Judiciary

Baghdad (IraqiNews.com) – The Supreme Judicial Council of Iraq has enacted an expansive administrative overhaul across the federal judiciary following a series of executive decrees issued on Sunday, July 5, 2026. Authorized by the President of the Council, Judge Faiq Zidan, these fundamental structural realignments include high-level reassignments, the rotation of key leadership benches, and the deployment of twelve senior judges to the federal appellate court.

Legal observers consider this judicial restructuring to be one of the most comprehensive institutional reorganizations in recent years, explicitly designed to maximize institutional efficiency, optimize administrative oversight, and enhance institutional performance across provincial jurisdictions.

According to official court documentation obtained by IraqiNews.com, Judge Zidan authorized the immediate assignment of twelve prominent judges to serve as temporary delegates within the Federal Court of Cassation under the explicit statutory provisions of the Judicial Organization Law.

Simultaneously, the Supreme Judicial Council formalized a crucial executive change within the national prosecution apparatus by assigning Judge Adel Khudhair Abbas to officially assume the responsibilities of Chief of Public Prosecution. Prior to this landmark appointment, Judge Abbas served as a leading member of the Judicial Oversight Commission, bringing extensive institutional evaluation experience to the state’s highest prosecutorial office.

The judicial decrees also introduced targeted structural changes within the provincial court leadership of Babylon, Saladin, and Anbar provinces, replacing several outgoing officials with experienced appellate jurists to lead regional judicial headquarters. Under these new directives, the Deputy President of the Babylon Appeals Court, Hamid Mahdi Thomas, has been elevated to officially run the Babylon Appeals Court.

In a parallel move, the Deputy President of the Saladin Appeals Court, Walid Ahmed Kurdi, was advanced to manage the Saladin Appeals Court. Finally, the Deputy President of the Anbar Appeals Court, Ali Daij Jariyan, received a direct assignment to take full operational control of the Anbar Appeals Court, concluding a highly strategic institutional rotation within Iraq’s judicial hierarchy.

https://www.iraqinews.com/iraq/iraq-supreme-judicial-council-faiq-zidan-overhaul-reassignments-2026/