Iraq Economic News and Points To Ponder Sunday Afternoon 5-31-26
Basrah crudes post weekly losses amid global declines
2026-05-30 Shafaq News- Basrah Iraq’s Basrah crude plunged more than 56% over the past week, recording the sharpest losses among major global oil grades.
Basrah Heavy crude fell by $29.31 in its last trading session to $66.07 per barrel, posting a weekly loss of $37.79, or 57.12%, while Basrah Medium crude dropped by $29.31 to settle at $68.17 per barrel, recording a weekly loss of $38.79, or 56.90%.
Meanwhile, US West Texas Intermediate crude declined 1.43% to $87.63 per barrel, while Brent crude slipped 1.32% to $91.48. UAE Murban crude also fell 1.42%.
Other crude grades also posted losses, including Russia’s Urals crude, down 4.49%, and Mexico’s benchmark crude, which lost 4.42%. Angolan and Nigerian grades fell between 3% and 3.3%.
https://www.shafaq.com/en/Economy/Basrah-crudes-post-weekly-losses-amid-global-declines
Iraq Power Sector Faces Risks As Iran Gas Output Falls By One-Third
2026-05-30 Shafaq News- Tehran/ Baghdad Iran has lost nearly one-third of its natural gas production capacity after key energy facilities sustained damage during the recent US-Israeli war on the country, a member of the Iranian Parliament’s Energy Committee revealed on Saturday, a development that could affect Iraq’s electricity sector.
Gholam Reza Dehghan Naserabadi told local media that several facilities and production phases in the Asaluyeh area of the South Pars Gas Field, the world’s largest, were damaged during the conflict, causing a sharp decline in output. He noted that Iranian oil and energy authorities are working to rehabilitate the affected sites and restore production to pre-war levels, with reconstruction efforts still ongoing.
The disruption could directly affect Iraq, which relies heavily on Iranian gas to fuel its power stations, with imports accounting for between one-third and 40% of electricity-generation needs, particularly during the summer months when temperatures can reach 50°C and demand surges. Electricity Ministry spokesperson Ahmed Mousa Al-Abadi told Shafaq News in March that interruptions in Iranian gas deliveries had removed more than 3,000 megawatts from the national grid. Although imports later resumed, volumes remained below contracted levels.
Baghdad has accelerated efforts to expand domestic associated-gas production and reduce reliance on foreign supplies, though officials acknowledge that achieving energy self-sufficiency will take years. Last month, Electricity Minister Ali Saadi Wahib pledged to pursue practical solutions to the country’s chronic power shortages.
Read more: Iraq power 2026: War on Iran collapses the grid ahead of peak summer
Iraqi Imports From Turkiye Climbs To $820M+ In April
2026-05-30 Shafaq News- Baghdad/ Ankara Iraq ranked eighth among Turkiye’s top importers in April, with imports rising to $829 million from $659 million in March, the Turkish Statistical Institute (TURKSTAT) reported on Saturday.
Germany remained Turkiye’s largest export market, with $2.113 billion, followed by the United States at $1.59 billion and the United Kingdom at $1.453 billion. Italy ranked fourth with imports worth $1.356 billion, then Spain at $1.039 billion, France at $1.012 billion, and the United Arab Emirates at $840 million.
According to the report, manufactured goods, agricultural products, fisheries, mining, and quarrying products accounted for 94% of Turkiye’s total exports during the period.
https://www.shafaq.com/en/Economy/Iraqi-imports-from-Turkiye-climbs-to-820M-in-April
US Imports No Iraqi Crude Oil During Last Week
2026-05-31Shafaq News- Baghdad/ Washington Iraq, OPEC's second-largest oil producer, exported no crude oil to the United States during the last week, compared with 67,000 barrels per day (bpd) the previous week, according to data released by the US Energy Information Administration (EIA).
The EIA reported that imports from Saudi Arabia also fell to zero from 155,000 bpd a week earlier, while shipments from Libya remained unchanged at zero.
Canada remained the largest supplier of crude to the United States, exporting an average of 3.829 million bpd. Venezuela ranked second with 414,000 bpd, followed by Colombia with 211,000 bpd, Brazil with 200,000 bpd, Mexico with 145,000 bpd, and Ecuador with 114,000 bpd. https://www.shafaq.com/en/Economy/US-imports-no-Iraqi-crude-oil-during-last-week
Dollar Slips In Baghdad And Erbil Markets
2026-05-31Shafaq News- Baghdad/ Erbil The US dollar opened Sunday’s trading lower 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 153,300 dinars per 100 dollars, down from the previous session’s 153,450 dinars.
In the Iraqi capital, exchange shops sold the dollar at 153,750 dinars and bought it at 152,750 dinars, while in Erbil, selling prices stood at 153,050 dinars and buying prices at 152,950 dinars.
https://www.shafaq.com/en/Economy/Dollar-slips-in-Baghdad-and-Erbil-markets-1
Gold Prices Stabilize In Baghdad, Edge Lower In Erbil
2026-05-31 Shafaq News- Baghdad/ Erbil On Sunday, gold prices hovered around 980,000 IQD per mithqal in Baghdad and Erbil markets, according to Shafaq News market survey.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 985,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 981,000 IQD. The same gold had sold for 985,000 IQD on Saturday.
The selling price for 21-carat Iraqi gold stood at 955,000 IQD, with a buying price of 951,000 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, 22-carat gold was sold at 1,019,000 IQD per mithqal, 21-carat gold at 973,000 IQD, and 18-carat gold at 833,000 IQD.
https://www.shafaq.com/en/Economy/Gold-prices-stabilize-in-Baghdad-edge-lower-in-Erbil-4
Aqaba Port Receives 44K Tons Of US Rice For Iraq
2026-05-31 Shafaq News- Baghdad/ Amman A shipment carrying 44,000 tons of US rice designated for Iraq arrived at Jordan's Aqaba Port on Sunday despite shipping disruptions and maritime restrictions affecting regional trade routes, Iraq's Ministry of Trade stated.
Lama Hashem Al-Moussawi, Director General of the State Company for Foodstuff Trading, noted that the company continues to implement its 2026 distribution plan for the food basket and social welfare programs, ensuring the uninterrupted supply of essential food items.
She added that “the company is closely monitoring shipping and unloading operations while coordinating with relevant authorities to ensure the timely delivery of supplies to warehouses and distribution centers across Iraq.”
https://www.shafaq.com/en/Economy/Aqaba-Port-receives-44K-tons-of-US-rice-for-Iraq