Iraq Economic News And Points To Ponder Monday Afternoon 4-13-26
IEA Declares Worst Energy Crisis In History
2026-04-13 Shafaq News- Middle East The International Energy Agency (IEA) on Monday called for urgent demand reduction measures as its executive director warned that the Iran war had led to the worst global energy disruption in history, with more than 80 oil and gas facilities across the Middle East damaged and the Strait of Hormuz effectively closed.
"The only real solution is ensuring the free flow of oil and gas through Hormuz," IEA Executive Director Fatih Birol said in a statement, adding that the agency had asked member countries to identify rapid ways to cut energy consumption, with some already responding.
On strategic petroleum reserves, Birol cautioned that releasing stockpiles would not resolve the underlying crisis. "Given the scale of production shutdowns and the Hormuz closure, releasing oil is not a solution -it is a painkiller," he said, adding that the IEA nonetheless remained prepared to authorize a coordinated release if conditions deteriorated further.
The US naval blockade of Hormuz took effect today with more than 15 warships deployed. President Trump warned that any vessel approaching the blockade zone would be "immediately destroyed," while the Khatam al-Anbiya Central Headquarters, Iran's armed forces central command, warned that no port in the Gulf or the Sea of Oman would be safe if Iran's ports were targeted.
The blockade follows six weeks of conflict triggered by US-Israeli strikes on Iran, bringing shipping through the strait to a near-complete halt and threatening a fragile ceasefire. https://www.shafaq.com/en/Economy/IEA-declares-worst-energy-crisis-in-history
Read more: Iraq's energy vulnerability: When a petro-state has no buffer
Iraq Oil Revenue Drops To $1.95B In March
2026-04- Shafaq News- Baghdad Iraq, OPEC’s second-largest oil producer, generated more than $1.95 billion in oil export revenues in March 2026, down from $6.814 billion the previous month, the Oil Ministry said on Monday.
Citing data from the State Organization for Marketing of Oil (SOMO), the ministry reported total crude exports, including condensates, at 18.6 million barrels during the month.
Exports from central and southern oilfields accounted for the largest share at 14.56 million barrels, while shipments from the Kurdistan Region through Turkiye’s Ceyhan port stood at 1.27 million barrels, alongside 2.77 million barrels exported from Kirkuk via the same route. https://www.shafaq.com/en/Economy/Iraq-oil-revenue-drops-to-1-95B-in-March
Dollar Rises In Baghdad And Erbil Markets
2026-04-13 Shafaq News- Baghdad/ Erbil The US dollar opened Monday’s trading higher in Iraq, hovering around 154,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,150 dinars per 100 dollars, up from the previous session’s 153,600 dinars.
In the Iraqi capital, exchange shops sold the dollar at 154,500 dinars and bought it at 153,500 dinars, while in Erbil, selling prices stood at 154,300 dinars and buying prices at 154,200 dinars.
https://www.shafaq.com/en/Economy/Dollar-rises-in-Baghdad-and-Erbil-markets-0
Gold Prices Fall In Baghdad And Erbil Markets
2026-04-13 Shafaq News- Baghdad/ Erbil On Monday, gold prices hovered around 1.03 million IQD per mithqal in Baghdad and Erbil markets, according to a survey by Shafaq News Agency.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 1,025,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1,026,000 IQD. The same gold had sold for 1,030,000 IQD on Sunday.
The selling price for 21-carat Iraqi gold stood at 995,000 IQD, with a buying price of 991,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1,025,000 and 1,035,000 IQD, while Iraqi gold sold for between 995,000 and 1,005,000 IQD.
In Erbil, 22-carat gold was sold at 1,071,000 IQD per mithqal, 21-carat gold at 1,023,000 IQD, and 18-carat gold at 876,000 IQD.https://www.shafaq.com/en/Economy/Gold-prices-fall-in-Baghdad-and-Erbil-markets-7-6-2
USD/IQD Exchange Rates Decrease In Baghdad And Erbil
2026-04-13 Shafaq News- Baghdad/ Erbil The US dollar closure Monday’s trading higher in Iraq, nearing 154,000 dinars per 100 dollars, according to a survey by Shafaq News Agency.
The dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,900 dinars per 100 dollars, up from the morning session’s 154,150.
In the Iraqi capital, exchange shops sold the dollar at 154,500 dinars and bought it at 153,500 dinars, while in Erbil, selling prices stood at 154,050 dinars per 100 dollars and buying prices at 153,900 dinars.
https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-decrease-in-Baghdad-and-Erbil
IMO, UN Warn Of Global Food Disruption As Hormuz Shipping Collapses
2026-04-13 Shafaq News- Middle East No state has the right to block innocent passage through international straits, International Maritime Organization (IMO) Secretary-General Arsenio Dominguez Velasco affirmed Monday, as the United Nations warned that a drop of more than 90% in tanker traffic through Hormuz is threatening food supplies across Asia and Africa.
Dominguez added that IMO was in talks with Iran and Oman to evacuate crew members from ships stranded in the waterway and coordinating with Gulf states to supply food to those on board.
The UN's Food and Agriculture Organization (FAO) said the near-total halt in shipping posed a direct threat to agricultural production and global food security. The UN Office for Project Services said intensive meetings had been held in New York over the past two weeks to develop a mechanism for the safe passage of fertilizer shipments through Hormuz, with Executive Director Jorge Moreira da Silva leading efforts to protect countries dependent on those supplies.
The US naval blockade of Hormuz took effect today with more than 15 warships deployed. President Trump warned that any vessel approaching the blockade zone would be "immediately destroyed," while the Khatam al-Anbiya Central Headquarters, Iran's armed forces central command, warned that no port in the Gulf or the Sea of Oman would be safe if Iran's ports were targeted.
The blockade follows six weeks of conflict triggered by US-Israeli strikes on Iran, bringing shipping through the strait to a near-complete halt and threatening a fragile ceasefire.
https://www.shafaq.com/en/Middle-East/UN-Hormuz-crisis-heading-toward-global-food-catastrophe
Coordination Framework Postpones Meeting Amid Internal Disagreements
2026-04-13 Shafaq News- Baghdad The Coordination Framework's meeting, scheduled for Monday at the residence of Ammar al-Hakim, leader of the Al-Hikma (Wisdom) National Movement, has been postponed after several Framework leaders boycotted the session, a political source told Shafaq News.
The postponement will hold until attendance of all leadership is confirmed, to settle the prime ministerial file within the constitutional 15-day window following the election of the president.
Amer al-Fayez, head of the Tasmeem Alliance, had revealed that the Framework was intended to discuss nine prime ministerial candidates at Monday's meeting.
https://www.shafaq.com/en/Iraq/Coordination-Framework-postpones-meeting-amid-internal-disagreements
Read More: Iraq Government Formation: The Constitution that cannot enforce its own deadlines
Ayatollah Al-Sistani's Authority Rejects Role In Iraq PM Selection
2026-04-13 Shafaq News- Baghdad Iraq’s Shiite clerical authority in Najaf, led by Ayatollah Ali Al-Sistani, reaffirmed it will not intervene in selecting a prime minister candidate, a source told Shafaq News on Monday, as Shiite political forces move to choose a premier.
The authority has “repeatedly conveyed” this stance to Coordination Framework (CF) leaders and closed its doors to politicians, signaling it will not engage in consultations over top posts.
The CF was set to meet today to discuss nine candidates for prime minister, including a potential compromise figure; however, another source confirmed that the talks has been postponed due to disagreements among its members
Under Article 76 of the constitution, the largest parliamentary bloc has 15 days to nominate a prime minister following the election of a president, a step that formally begins the government formation process. Parliament elected Nizar Amedi on Saturday, completing the constitutional requirement before assigning the largest bloc to form a government.
Read more: Iraq's premiership battle has already begun
https://www.shafaq.com/en/Iraq/Ayatollah-Al-Sistani-s-authority-rejects-role-in-Iraq-PM-selection