Iraq Economic News And Points To Ponder Wednesday Evening 4-1-26
IEA: Middle East War Erases 12M Barrels Daily
2026-04-01 Shafaq News- Paris Major disruptions to Middle East energy infrastructure have already withdrawn more than 12 million barrels per day (bpd) from global oil supply, the International Energy Agency (IEA) reported on Wednesday, as ongoing conflict in the region continues to damage key assets.
The agency estimated that roughly 40 major energy facilities have been hit, describing the scale of the losses as more severe than the combined impact of the 1970s oil shocks and the 2022 reduction in Russian gas exports.
Warning that supply pressures are expected to intensify in April, with losses likely to match the pace seen in March, the IEA indicated it is assessing further use of strategic oil reserves to help offset the shortfall and support stability in global markets.
On March 11, member countries of the IEA agreed to release a record 400 million barrels of oil from strategic reserves to counter a surge in global crude prices following the closure of the Strait of Hormuz.
https://www.shafaq.com/en/Economy/IEA-Middle-East-war-erases-12M-barrels-daily
Nearly 300 Iraqi Fuel Trucks Cross Into Syria Via Al-Tanf
2026-04-01 Shafaq News- Damascus The first convoy of Iraqi fuel oil arrived in Syria through the Al-Tanf crossing on Wednesday, heading toward the Baniyas oil terminal, a Syrian official told Shafaq News.
Safwan Sheikh Ahmed, director of corporate communications at the Syrian Petroleum Company, said the convoy includes 299 tanker trucks, adding that technical teams began unloading operations to prepare the shipments for export via maritime tankers.
“The move is part of efforts to restore Syria’s role as a regional energy transit corridor and boost transit revenues, with plans to expand the route to include the transport and export of various petroleum products through Syrian ports.”
According to Mujahid Mardhi Al-Dulaimi, the head of Al-Waleed subdistrict in Iraq, more than 150 tanker trucks are waiting to enter Syrian territory, expecting daily crossings to reach around 500 tankers.
Earlier, oil expert and former Oil Ministry spokesperson Asim Jihad told Shafaq News that the shipments involve fuel oil rather than Iraqi crude, noting that “exporting through this method is a temporary necessity with limited volumes.”
https://www.shafaq.com/en/Economy/Nearly-300-Iraqi-fuel-trucks-cross-into-Syria-via-Al-Tanf
Read more: Iraq's energy vulnerability: When a petro-state has no buffer
USD/IQD Exchange Rates Fall In Baghdad And Erbil
2026-04-01 Shafaq News- Baghdad/ Erbil The US dollar closed Wednesday’s trading lower in Iraq, hovering around 154,000 dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,500 dinars per 100 dollars, down from the morning session’s 154,750 dinars.
In the Iraqi capital, exchange shops sold the dollar at 155,000 dinars and bought it at 154,000 dinars, while in Erbil, selling prices stood at 154,450 dinars and buying prices at 154,250 dinars.
https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-fall-in-Baghdad-and-Erbil-6
IEA: Middle East War Erases 12M Barrels Daily
2026-04-01 Shafaq News- Paris Major disruptions to Middle East energy infrastructure have already withdrawn more than 12 million barrels per day (bpd) from global oil supply, the International Energy Agency (IEA) reported on Wednesday, as ongoing conflict in the region continues to damage key assets.
The agency estimated that roughly 40 major energy facilities have been hit, describing the scale of the losses as more severe than the combined impact of the 1970s oil shocks and the 2022 reduction in Russian gas exports.
Warning that supply pressures are expected to intensify in April, with losses likely to match the pace seen in March, the IEA indicated it is assessing further use of strategic oil reserves to help offset the shortfall and support stability in global markets.
On March 11, member countries of the IEA agreed to release a record 400 million barrels of oil from strategic reserves to counter a surge in global crude prices following the closure of the Strait of Hormuz.
https://www.shafaq.com/en/Economy/IEA-Middle-East-war-erases-12M-barrels-daily
Iraq Drops To Last Place Among Turkiye Importers In February
2026-04-01 Shafaq News- Baghdad/ Ankara Iraq fell to the bottom of Turkiye’s top importers list in February, with imports dropping to $774 million from $1.009 billion a year earlier, according to Turkish statistical data (TURKSTAT).
Germany ranked first with $1.855 billion, followed by the United Kingdom at $1.245 billion, and the United States at $1.238 billion. Italy came fourth with $1.111 billion, while France and Spain followed with $928 million and $839 million, respectively.
The data showed Turkish exports were largely driven by manufacturing, alongside agriculture, forestry, fishing, and mining sectors, which together accounted for 94% of total exports.
https://www.shafaq.com/en/Economy/Iraq-drops-to-last-place-among-Turkiye-importers-in-February