Iraq Economic News and Points To Ponder Thursday Evening 7-16-26
Tomorrow, Iraq And The United States Will Sign The Largest Economic Agreement In History.
Shafaq News - Washington Baghdad and Washington are preparing to sign the largest package of agreements and memoranda of understanding since the establishment of relations between the two countries, tomorrow, Friday, as part of the official visit of Prime Minister Ali al-Zubaidi to the United States.
According to a well-informed government source who spoke to Shafaq News Agency, the visit program will culminate in the signing of a wide range of agreements and memoranda of understanding between Iraq and the United States, in the presence of high-level officials from both sides, in a move considered the largest of its kind in the history of bilateral relations.
According to the source, the agreements cover the energy, investment, economy, technology, education, health, security and infrastructure sectors, in addition to cooperation in the areas of development and empowering the private sector, which enhances the strategic partnership and opens new horizons for cooperation between the two countries.
The package will also include the announcement of major American companies entering the Iraqi market, and the launch of broad investment opportunities in various sectors, which will contribute to revitalizing the economy, creating job opportunities, and transferring modern technology and expertise to Iraq.
The Iraqi government views these agreements as a pivotal milestone in the course of relations with the United States, according to the source, who indicated that they are "the largest and most diverse since the establishment of relations between the two countries," due to the strategic projects and long-term partnerships they include.
The government source concluded by saying that "the signing ceremony will take place in the presence of senior officials from Baghdad and Washington, and will enhance economic and investment cooperation, and consolidate the bilateral partnership in a way that serves the common interests of the two countries."
This comes as part of the agenda of the official visit that began on Monday by Prime Minister Ali al-Zaidi and his accompanying delegation, which included a number of ministers, senior officials, investors, business owners, and Iraqi capitalists.
US President Donald Trump announced on Tuesday evening, during his meeting with al-Zaidi at the White House, that this week would see the unveiling of a major oil partnership with Iraq, in addition to extensive trade deals in various sectors.
https://shafaq.com/ar/اقتصـاد/غدا-العراق-و-ميركا-يوقعان-كبر-اتفاق-اقتصادي-في-التاريخ
MOT: Talks in Washington Focused on Partnership and Supporting Iraq's Accession to WTO
Iraqi News AgencyThursday,July 16, 2026 Washington – INA Minister of Trade Mustafa al-Ani confirmed on Wednesday that the talks at the White House focused on economic cooperation and the future partnership between Baghdad and Washington. He also indicated that discussions are ongoing regarding Iraq's accession to the World Trade Organization.
Al-Ani told the Iraqi News Agency (INA): "One of the most important aspects of the visit was the meeting at the White House between Prime Minister Ali al-Zubaidi and US President Donald Trump, during which several issues related to cooperation and the future partnership between Iraq and the United States were discussed, in addition to exploring ways to cooperate and remove obstacles facing American investors."
He added that "the official government delegation includes a select group of Iraqi business leaders with the aim of strengthening communication between the Iraqi and American private sectors. A meeting will also be held with the US Chamber of Commerce to discuss a number of shared issues."
He noted that "the delegation concluded meetings with a number of American companies to discuss prospects for future cooperation, particularly in areas that benefit Iraqi farmers. It was agreed that ideas would be presented clearly for study, discussion, and practical action."
He added that "the Minister of Trade heads the Iraqi side of the US-Iraq Business Council, specifically regarding Iraqi businesspeople. Discussions will also focus on reactivating and implementing agreements signed between Iraq and the United States."
He affirmed that "the talks will also include a request for US support for Iraq's accession to the World Trade Organization, as Iraq has fulfilled all the necessary requirements and is awaiting the organization's decision on its members
Trade Minister: We Discussed Areas That Serve Iraqi Farmers with U.S. Companies
Iraqi News Agency Thursday, July 16, 2026 Baghdad – INA - Minister of Trade, Mustafa Al-Ani, said on Thursday that he had held talks with a number of U.S. companies on prospects for future cooperation, particularly in sectors that support Iraqi farmers, on the sidelines of the Iraqi delegation's visit to the United States led by Prime Minister Ali Falih Al-Zaidi.
Al-Ani told the Iraqi News Agency that discussions focused on expanding future cooperation, especially in areas that benefit Iraqi farmers.
He said one of the delegation's key engagements was a meeting at the White House with U.S. President Donald Trump, during which the two sides discussed a wide range of issues, including prospects for future cooperation and partnership between Iraq and the United States, as well as ways to enhance cooperation and remove obstacles facing U.S. investors and business leaders.
Al-Ani added that the official Iraqi delegation also included a group of Iraqi business leaders aimed at strengthening communication and cooperation between the Iraqi and U.S. private sectors.
He said the delegation was also scheduled to meet with the U.S. Chamber of Commerce to discuss a range of issues.
The minister noted that meetings had already been held with several U.S. companies to explore future cooperation, particularly in sectors that support Iraqi farmers.
Al-Ani also said discussions covered U.S. support for Iraq's accession to the World Trade Organization (WTO), stressing that Iraq has fulfilled all of its required obligations and is awaiting the organization's decision on approving its membership.
Oil Nears One-Month High On Red Sea Threat
2026-07-16 13:28 Shafaq News Oil prices edged lower on Thursday but held near the highest since mid-June as the Iran war escalated, with Tehran asking Yemen's Houthi movement to be prepared to close the Red Sea oil export route.
Brent crude futures were down 19 cents, or 0.2%, to $84.76 a barrel by 11:25 a.m. EDT. U.S. West Texas Intermediate futures were down 17 cents, or 0.2%, to $79.43 a barrel. At their session highs, both contracts were up more than 1%.
On Wednesday, Brent futures settled at their highest since June 12, and WTI at the highest since June 15.
Iran has asked the Houthis to stand ready to close the Red Sea oil route if the U.S. strikes Iranian power infrastructure, three sources told Reuters. This week, U.S. President Donald Trump repeated threats of striking Iranian power plants and bridges.
"With the Strait of Hormuz already closed, this threat raises the serious risk of both of the Middle East's primary oil export routes being disrupted at the same time," said Alex Hodes, director of energy market strategy at brokerage StoneX.
Total volumes of petroleum transiting Bab el-Mandeb amounted to 7.4 million barrels per day in June, or about 7% of global oil output, according to Kpler data, up from 4.2 million bpd last year.
"Simultaneous disruptions affecting Hormuz and Bab el-Mandeb would significantly amplify supply chain stress, increase tanker availability constraints, and raise insurance premiums," said Wael Makarem, financial markets strategist lead at Exness.
On Wednesday, the U.S.struckIran's coastal defences and missile sites after reimposing a naval blockade of its ports. Tehran threatened to shut off more regional energy exports, saying it was engaged in an "existential war" with America.
The fragile truce reached in June has collapsed, disrupting energy flows through the Strait of Hormuz, which handled about a fifth of daily global oil and LNG trade before the war began.
Fewer vessels passed through the strait on Wednesday, the first day after the U.S. reimposed its naval blockade on Iran. Seven crossed on Wednesday, down from 13 the previous day.
"It seems reasonable that prices could continue to climb towards $90-$95 and maybe even touch the $100 mark again and that is because the Strait of Hormuz is repeatedly being disrupted, creating uncertainty over oil flows from the Gulf," said Ole Hvalbye, market analyst at SEB Research.
On the supply side, Iraqi crude loadings more than doubled to average roughly 1.2 million barrels per day in the first half of July, according to Kpler data and a source with direct knowledge of the flows, as exports accelerated following months of restricted shipments. (Reuters)
https://www.shafaq.com/en/Economy/Oil-nears-one-month-high-on-Red-Sea-threat
Iraqi PM pursues greater Chevron investment in energy sector
2026-07-16 Shafaq News- Washington/ Baghdad Iraqi Prime Minister Ali Al-Zaidi on Thursday called on US energy giant Chevron to expand its investments in Iraq and speed up new projects as part of Baghdad’s strategy to increase crude oil production and diversify export routes.
According to the PM media office, Al-Zaidi pledged government support for refineries, petrochemical industries, and gas production facilities during talks with Chevron Chairman and CEO Mike Nelson and the company’s board at its Washington headquarters.
Nelson expressed Chevron’s interest in broadening its presence in Iraq through investments in southern oil fields, pipelines linking production sites to regional ports, and storage facilities.
Read more: US investment dominates al-Zaidi's Washington meetings
Iraq aims to increase crude oil production to 7 million barrels per day within three years, up from the current 4.2–4.5 million bpd, Al-Zaidi said in late June.
The meeting with Chevron preceded Friday’s signing in Washington of “the largest package of agreements and memorandums of understanding” in the history of US-Iraq relations, which covers energy, investment, the economy, technology, education, healthcare, security, infrastructure, and private sector development, while opening the Iraqi market to major US companies, according to an informed government source.
Al-Zaidi arrived in the US capital on Monday for a seven-day official visit, leading a high-level delegation of ministers, senior officials, investors, and business leaders.
Read more: Al-Zaidi at the White House: A sustainable partnership or continued crisis management?
https://www.shafaq.com/en/Economy/Iraqi-PM-pursues-greater-Chevron-investment-in-energy-sector