Iraq Economic News and Points To Ponder Tuesday Morning 5-5-26
Iraq Resumes Syria Trade With 3 Shipments Via Rabia Crossing After 13 Years
2026-05-05 Shafaq News- Nineveh/ Hasakah The first three commercial shipments from Syria entered Iraq through the Rabia border crossing on Tuesday, Iraq’s General Customs Authority said, ending nearly 13 years of near-total closure.
According to the authority, work is continuing to receive additional shipments in the coming period, with procedures aimed at ensuring compliance and preventing violations.
The Rabia crossing, located between Iraq’s Nineveh province and Syria’s Hasakah, had been largely shut due to security conditions and military operations linked to the Syrian conflict and the ISIS period.
Its reopening on April 20, which makes it the third operational land crossing between Iraq and Syria alongside Al-Qaim-Albu Kamal and Al-Waleed-Al-Tanf, comes as Iraq seeks to revive cross-border trade routes and expand overland transport options after Iran and the United States disrupted traffic through the Strait of Hormuz, which carries roughly 20% of global oil flows.
The reopening also follows shifts in northeastern Syria after a late-January agreement between the Syrian government and the Syrian Democratic Forces (SDF), followed by government visits to crossings in Hasakah to “assess readiness and reopening plans.” https://shafaq.com/en/Economy/Iraq-resumes-Syria-trade-with-3-shipments-via-Rabia-crossing-after-13-years
Iraq Output Tops 4M Bpd As Global Oil Demand Holds Near 105M Bpd
2026-05-05 Shafaq News- Baghdad Iraq’s oil production exceeds 4 million barrels per day (bpd), placing it among the world’s leading suppliers, as global demand holds steady near 100 to 105 million bpd, according to International Energy Agency (IEA) data released on Tuesday.
Global output is led by the United States, Saudi Arabia, Russia, and Iraq, OPEC’s second-largest producer.
On the consumption side, the United States remains the largest oil consumer at roughly 20.3 million bpd, followed by China at about 16.1 million bpd and India at around 5.2 million bpd. Russia, Saudi Arabia, and Brazil each consume between 3 million and 4 million bpd.
Read more: Iraq’s oil bottleneck: Abundance trapped by dependency
https://shafaq.com/en/Economy/Iraq-output-tops-4M-bpd-as-global-oil-demand-holds-near-105M-bpd
EIA: Iraq Second In OPEC Oil Exports To US In February
2026-05-05 Shafaq News- Baghdad/ Washington US crude oil imports from the Organization of the Petroleum Exporting Countries (OPEC) climbed above 40 million barrels in February, with Iraq emerging as the second-largest supplier among member states, the US Energy Information Administration (EIA) said on Tuesday.
The United States imported 8.680 million barrels of crude from Iraq, OPEC's second-largest producer, placing it behind Saudi Arabia, which led with 14.749 million barrels. Venezuela followed in third place with 8.149 million barrels.
Nigeria supplied 3.893 million barrels, while Libya exported 3.114 million barrels. Kuwait delivered 1.111 million barrels, followed by Algeria with 412,000 barrels, Gabon with 306,000 barrels, and Equatorial Guinea with 258,000 barrels. The United Arab Emirates contributed 177,000 barrels.
No US crude imports were recorded from Congo or Iran over the same period.
https://shafaq.com/en/Economy/EIA-Iraq-second-in-OPEC-oil-exports-to-US-in-February
Dollar Rises In Baghdad And Erbil Markets
2026-05-05 Shafaq News- Baghdad/ Erbil The US dollar opened Tuesday’s trading higher in Iraq, hovering around 153,000 dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,100 dinars per 100 dollars, up from the previous session’s 152,500 dinars.
In the Iraqi capital, exchange shops sold the dollar at 153,500 dinars and bought it at 152,500 dinars, while in Erbil, selling prices stood at 153,100 dinars and buying prices at 153,000 dinars.
https://shafaq.com/en/Economy/Dollar-rises-in-Baghdad-and-Erbil-markets-7-8
Gold Prices Climb In Baghdad, Dip In Erbil
2026-05-05 Shafaq News- Baghdad/ Erbil On Tuesday, gold prices rose in Baghdad to around 980,000 IQD per mithqal for 21-carat gold, while declining in Erbil, according to a market survey by Shafaq News.
Gold prices on Baghdad’s Al-Nahr Street recorded a selling price of 983,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 979,000 IQD, compared to 980,000 IQD on Monday.
The selling price for 21-carat Iraqi gold stood at 953,000 IQD, with a buying price of 949,000 IQD IQD. In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 985,000 and 995,000 IQD, while Iraqi gold sold for between 955,000 and 965,000 IQD.
In Erbil, gold prices declined, with 22-carat gold sold at 1,027,000 IQD per mithqal, 21-carat gold at 980,000 IQD, and 18-carat gold at 840,000 IQD. https://shafaq.com/en/Economy/Gold-prices-climb-in-Baghdad-dip-in-Erbil-9
Gold Edges Higher After Slump As Oil Limits Rally
2026-05-05 Shafaq News Gold prices rose on Tuesday from a five-week low hit in the previous session, although gains were limited as elevated crude oil prices kept inflation fears alive and clouded the U.S. interest rate outlook.
Spot gold rose 0.5% to $4,543.87per ounce by 0757 GMT, after a more than 2% drop on Monday. U.S. gold futures for June delivery were up 0.5% at $4,554.10.
"Prices seem to be digesting a bit after the return of the 'war trade' across markets sent gold lower Monday," said Ilya Spivak, head of global macro at Tastylive.
However, gains were capped as Treasury "yields and the dollar pushed higher as a rebound in crude oil stoked inflation fears. That weighed against non-interest-bearing and anti-fiat gold," Spivak said.
The dollar rose and Brent crude hovered above $113 a barrel as the U.S. and Iran continued to work towards a truce while trading blows over the Strait of Hormuz.
The U.S. military said on Monday it destroyed six Iranian small boats and intercepted Iranian cruise missiles and drones as Tehran sought to thwart a new U.S. naval effort to open shipping through the Strait of Hormuz.
A stronger U.S. currency makes dollar-priced metals more expensive for holders of other currencies.
Meanwhile, higher crude oil prices can stoke inflation, increasing the likelihood of higher interest rates. While gold is considered an inflation hedge, high interest rates make yield-bearing assets more attractive, weighing on its appeal.
Traders have largely priced out U.S. interest rate cuts for this year, with markets now seeing a 37% chance of a hike by March 2027, compared with 27% of a reduction a week earlier.
Investors now await a slew of key U.S. data this week, including job openings, the ADP employment report, and the April payrolls report.
Spot silver was up 0.8% at $73.29 per ounce, platinum gained 1.7% to $1,978.77, and palladium rose 1.1% to $1,496.25.
(REUTERS) https://shafaq.com/en/Economy/Gold-edges-higher-after-slump-as-oil-limits-rally