Iraq Economic News and Points To Ponder Thursday Morning 6-1i-26
Iraq Tops The List Of Importers Of Amman's Industrial Exports During The Last 5 Months
Money and Business Economy News – Baghdad Iraq topped the list of Arab and foreign countries that received the most exports from the Amman Chamber of Industry during the first five months of this year, after the value of Jordanian exports to it increased by 6 percent to reach 404 million dinars, compared to 381 million dinars for the same period in 2025.
Data issued by the Amman Chamber of Industry showed that its total exports during the first five months of 2026 increased by 5.1 percent to reach 2.996 billion dinars, compared to 2.849 billion dinars during the same period last year, indicating the continued ability of Jordanian industry to adapt to regional challenges and expand its export markets.
According to the statistical report, Iraq was the top destination for Amman's industrial exports, ahead of India, whose exports remained stable at 394 million dinars, and the United States, whose exports declined by 28.5 percent to 362 million dinars, while exports to Saudi Arabia decreased by 3 percent to 342 million dinars.
Jordanian exports to Syria also recorded growth of 52.2 percent to reach 173 million dinars, and to Palestine by 29.5 percent to reach about 89 million dinars.
In terms of geographical distribution, Arab countries accounted for the largest share of Amman's industrial exports, with a value of 1.515 billion dinars, followed by non-Arab Asian countries with about 671 million dinars, and then North American countries with a value of 387 million dinars. https://www.economy-news.net/content.php?id=70117
Egypt Pays Off All Its Debts To Oil Companies For The First Time Since 2011
Money and Business The Egyptian government announced that it has paid all outstanding dues to foreign oil companies, which peaked at more than $6 billion in the 2011-2012 fiscal year.
Resolving the issue of outstanding payments, which has been one of the most significant challenges facing the sector in recent years, opens a new phase for increasing production and attracting investments, according to Egyptian Petroleum Minister Karim Badawi.
The decision is expected to encourage oil companies operating in the country to enhance development activities and research and exploration work during the coming period, in support of the state’s plan to return to exporting natural gas by 2027, after it became a net importer during the recent period.
Since 2014, the government has implemented a phased plan to reduce these arrears, aiming to restore investor confidence and encourage international oil companies to increase investments and new exploration. Debt has gradually declined over the following years.
There are 57 companies operating in Egypt in the field of research, exploration and production, including 8 of the world’s largest companies, 6 specialized Egyptian companies, and more than 12 international companies operating in the field of petroleum and technological services.
The Egyptian Ministry of Petroleum, in cooperation with foreign partners, is seeking to accelerate the pace of connecting new wells in order to maintain the country’s production levels at 4 billion cubic feet per day, thus limiting the impact of the natural decline in field production, which is estimated at about 100 million cubic feet per month.
At the same time, Cairo aims to raise its domestic gas production to about 6.6 billion cubic feet per day by 2030, representing an increase of nearly 65% over the current rate, in addition to drilling 14 exploratory wells in the Mediterranean Sea during the current year to assess reserves estimated at about 12 trillion cubic feet.
This coincides with an acceleration of exploration and production activities in Egypt by international energy companies, including Chevron, which has begun drilling new wells in the western Mediterranean.
The Egyptian government recently offered incentives to foreign companies, including allowing them to export a portion of their new production to use the proceeds to settle outstanding payments, as well as improving contract prices for newly produced gas.
The minister added that Egypt possesses exceptional assets that make it one of the most important investment destinations in the energy sector in the region, given its distinguished geographical location and advanced infrastructure. He pointed out that the past period witnessed a strong return of investment momentum, as partners resumed implementing drilling, exploration and development programs at an accelerated pace, which has already been reflected in increasing the volume of ongoing petroleum activities and raising investment rates in various concession areas. https://www.economy-news.net/content.php?id=70083
Iraq Begins Exporting Fish To Global Markets
Localities Economy News – Baghdad Agriculture Minister Abdul Rahim Al-Shammari announced on Thursday the launch of fish exports to global markets, for the first time in Iraq.
Al-Shammari said in a statement to "Economy News" that this step represents "an important achievement for the reputation of Iraq and Iraqi fish and products, which are known for their quality."
He pointed out that this step represents "the beginning of achievements and work that the ministry is currently undertaking in order to advance the agricultural sector, sustain the agricultural process, overcome obstacles, achieve appropriate economic feasibility for fish farmers, and support the national economy in the country."
https://www.economy-news.net/content.php?id=70116
Trade: Retail Markets Did Not Adhere To The Set Price Of A Tray Of Eggs Between 6000 And 6500 Dinars.
Localities Economy News – Baghdad The Ministry of Commerce confirmed that retail markets did not adhere to the price set for a tray of eggs between 6,000 and 6,500 dinars.
Riyadh Mahdi Al-Mousawi, Director General of Commercial and Financial Control at the Ministry, stated in a statement to the official newspaper that the field teams affiliated with the department are working to monitor local markets and track the reasons for the rise in prices of some basic materials, with the aim of addressing them and ensuring their stability.
Al-Moussawi explained that monitoring teams tracked table egg prices last month, based on instructions from the Ministerial Council for the Economy. They found that the price of a carton had reached 80,000 dinars, meaning that the price of a single tray ranged between 7,500 and 8,500 dinars.
He added that the official directive stipulates a price between 6,000 and 6,500 dinars only, noting that some wholesale markets complied with the price reduction, while retail markets did not.
He confirmed that the ministry launched the new campaign today in Baghdad and all governorates (except the Kurdistan Region), and it includes wholesale and retail markets and small and large shops, to monitor current prices and take the necessary measures to reduce them, considering any increase to be a clear violation of the instructions.
Al-Moussawi indicated that the ministry's role is to address any monopolies or deliberate price hikes in essential commodities, emphasizing that most prices are under control and there have been no significant increases for consumers.
He stressed that resolving this issue requires the intervention of relevant sectoral bodies and a decisive decision from the Ministerial Council for the Economy to set fixed prices for essential commodities, while monitoring teams continue to track market activity to achieve a balance between protecting domestic products and stabilizing prices for consumers.
https://www.economy-news.net/content.php?id=70114
13 Indian-Flagged Ships Are Stuck In The Strait Of Hormuz
Arabic and international Economy News - Follow-up The Indian Ministry of Ports and Shipping said that 13 Indian-flagged vessels are stuck in the Strait of Hormuz.
The ministry added on Thursday that there are more than 18,000 Indian sailors in the Gulf region.
The Indian Ministry of External Affairs stated that three Indian ships were attacked by the US Navy, adding: "Two of the ships are under sanctions and the third is among the non-compliant ships," according to Reuters.
Ship tracking data released by the London Stock Exchange Group and Kpler showed that three more liquefied natural gas tankers left the Strait of Hormuz with their transponders switched off and are currently heading to destinations in Asia, but the exact timing of their crossing of the waterway is unclear.
This comes as the United States and Iran exchanged airstrikes on Thursday for the second day in a row, with US President Donald Trump vowing to launch more strikes on Iran unless it agrees to a peace deal, and Washington announcing that it had fired on a ship carrying Iranian oil.
The data revealed that the two tankers, Libretha and Rasheeda, belonging to Qatar Energy, were last seen west of the strait on June 1 and April 30 respectively, carrying cargoes loaded at Ras Laffan, and then reappeared in ship tracking data on June 10.
The Libretha, which was loaded on May 22, is heading to Pakistan, while the Rasheeda, which has been carrying a cargo since February 27, is currently approaching Southeast Asia. A third LNG carrier, the Marigold, operated by Abu Dhabi National Oil Company (ADNOC), also appeared in ship tracking data on June 10.
The Marigold was last seen with a heavy cargo on board east of the strait on May 1st before reappearing after loading a cargo from Das Island on May 25th. Data indicates that it is heading to India.
Twelve liquefied natural gas tankers, including the three newest ones, have left the Strait of Hormuz since the war began on February 28. https://www.economy-news.net/content.php?id=70118
Iran: The Strait Of Hormuz Will Remain Closed Until Further Notice.
Arabic and international Economy News - Follow-up Iran’s “Strait of Hormuz Authority” announced the closure of the Strait of Hormuz until further notice.
Iran's Strait of Hormuz Authority urged ships with transit permits to be patient as the strait remains closed until further notice.
Iran's Revolutionary Guard had announced the closure of the strait to shipping traffic on Thursday, while the US Central Command denied that Tehran had closed the strait.
The United States warned ships against dealing with the Iranian entity and placed it on a sanctions list.