Iraq Economic News and Points To Ponder Wednesday Morning 9-16-26

ADNOC Snaps Up Discounted Iraqi Crude

2026-09-15 16:31   Shafaq News- Baghdad   Abu Dhabi National Oil Company (ADNOC) has bought millions of barrels of discounted Iraqi crude, becoming the largest lifter of Iraqi oil in August and September as Baghdad sought to restore exports disrupted by the Iran war, Reuters reported on Tuesday, citing three sources familiar with the matter.

Two Iraqi energy sources said the UAE state oil company, through its trading arm, emerged as Iraq’s biggest crude buyer during the two months, helping support exports that had fallen sharply during the earlier stages of the conflict.

One Iraqi source said ADNOC agreed to buy 32 million barrels of Iraqi crude for August at discounts ranging from $24.90 to $27 per barrel.

For September, the company agreed to purchase another 40 million barrels, including 10 million barrels at an $18-per-barrel discount and 30 million at a $25 discount, the source said.

A second Iraqi source said the State Oil Marketing Organization (SOMO) had allocated 32 million barrels to ADNOC for August, but the company ultimately lifted about 20 million because of export constraints and Basra Oil Company’s inability to provide sufficient crude.

ADNOC has lifted about 14 million barrels of Iraqi crude so far in September, according to the source.

A third source told Reuters that ADNOC had also bought about 20 million barrels from SOMO through tenders for September-October lifting at discounts of between $25 and $27 per barrel.

Other companies have also bought discounted Iraqi crude. Reuters said SOMO’s August-loading offers attracted PetroChina, Zhenhua Oil, TotalEnergies, Vitol, Trafigura, Mercuria and Cathay Petroleum.

Iran last month allowed several tankers carrying Iraqi oil to transit the Strait of Hormuz after repeated requests from Baghdad through several channels, according to Iran’s state news agency IRNA.

Iraq’s exports had fallen sharply during the early months of the war, partly because of its location at the northern end of the Gulf and its lack of a substantial state-controlled tanker fleet.

Kpler data cited by Reuters showed Iraq exporting about two million barrels per day this month, down from 2.354 million bpd in August but above 1.374 million bpd in July.

UAE crude exports, meanwhile, rose to 3.236 million bpd this month from 2.886 million bpd in August and 2.871 million bpd in July.

https://www.shafaq.com/en/Economy/ADNOC-snaps-up-discounted-Iraqi-crude 

Iraq, Siemens Energy Sign Phase IV Power Framework

2026-09-15 15:44    Shafaq News- Berlin   Iraq and Siemens Energy signed a fourth-phase power cooperation framework in Berlin on Tuesday covering new generation and transmission projects, maintenance, financing and workforce training.

Prime Minister Ali Al-Zaidi and German Chancellor Friedrich Merz oversaw the signing of the “Energy Cooperation Principles in Iraq – Phase IV” between Iraq’s Electricity Ministry and Siemens Energy AG.

Electricity Minister Ali Saadi Wahib signed the framework, which provides for new power-generation projects, including combined-cycle and thermal plants designed to use fuels available in Iraq.

The plan also calls for selecting project sites that can make use of existing infrastructure, transmission networks and fuel pipelines.

In the transmission sector, the framework includes new substations across Iraq, upgrades to existing facilities, measures to ease bottlenecks in the national grid and improvements aimed at speeding the response to emergency outages.

It also provides for continued maintenance contracts at operating power plants to improve efficiency and available generation capacity, while the two sides will examine project-financing mechanisms and expand training programs for Electricity Ministry personnel.

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Iraqi Prime Minister Media Office

 Key Points from Prime Minister Ali Faleh Al-Zaidi’s Remarks During the Joint Press Conference with the German Chancellor in Berlin

Relations between Iraq and Germany are strong and founded on mutual respect. We affirm that action is the language of the future.

Germany is a trusted and reliable partner, and we seek to build stronger economic bridges between our two countries.

Iraq possesses abundant resources and a strong workforce, while we need technology, expertise, and equipment that we will purchase from Germany.

The partnership between Iraq and Germany will be reciprocal and mutually beneficial, rather than one-sided.

We will export crude oil to Europe through Syria and Türkiye. We seek to diversify our export routes and will not remain dependent on a single corridor.

We share with Germany the goal of defusing the crisis between Iran and the United States.

The crisis has affected Iraq and the world due to the disruption of oil exports, which has negatively impacted global markets.

We discussed strengthening political engagement with Germany to help address regional issues and challenges.

Iraq remains committed to a moderate and balanced policy and distances itself from aggressive policies.

The issue of foreign prisoners affiliated with the terrorist organization ISIS falls under the jurisdiction of the judiciary, over which the government has no authority.

The Kurdistan Region of Iraq is an integral part of the Iraqi state.

Iraq’s security forces, across all branches, are capable of safeguarding the country’s security. We have discussed this matter with the Presidents of the United States and France and the Chancellor of Germany.

Arms will remain under state authority, and decisions of war and peace are the exclusive prerogative of the state.

We call on the countries that supported us during the war against ISIS to strengthen their economic partnerships with Iraq and contribute to the country’s development and reconstruction.

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Media Office of the Prime MinisterSeptember 15, 2026

https://www.facebook.com/IraqiPMO.Eng/posts/1076222038637444?ref=embed_post

The agreement was signed during Al-Zaidi’s official visit to Berlin, where he held talks with Merz on economic cooperation and regional developments.

Speaking at a joint news conference with the German chancellor, Al-Zaidi described Germany as a reliable partner and said Iraq wanted a reciprocal economic relationship built around Iraqi resources and labor and German technology, expertise and equipment. “Iraq has many resources and a large workforce, and we need technology, expertise and equipment that we will purchase from Germany,” he said.

Al-Zaidi also said Iraq plans to diversify its crude-export routes, including by sending oil to Europe through Syria and Turkiye.

The prime minister said Baghdad and Berlin shared an interest in de-escalating tensions between Iran and the United States, arguing that disruption to oil exports had affected Iraq and global markets.

He said the two governments also discussed closer political coordination on regional issues, adding that Iraq remained committed to a balanced foreign policy and avoiding confrontational approaches.

On foreign detainees accused of ISIS membership, Al-Zaidi said their cases fell under judicial authority and were not subject to government intervention. He urged countries that supported Iraq during the war against ISIS to expand economic partnerships and contribute to reconstruction.

Al-Zaidi also said Iraqi security forces were “capable of protecting the country” and reiterated that weapons must remain under state control. “Decisions on war and peace belong exclusively to the state,” he said, adding that the Kurdistan Region is “an integral part of Iraq.”

Earlier on Tuesday, Al-Zaidi met German President Frank-Walter Steinmeier for talks on bilateral relations, expanding economic cooperation and increasing the participation of German companies in Iraqi development projects.

Al-Zaidi arrived in Berlin after concluding an official visit to France, where he met President Emmanuel Macron and oversaw the signing of six memoranda, declarations of intent and cooperation instruments covering defense, artificial intelligence, youth, research and innovation, development, energy and civil aviation.

Read more: Al-Zaidi’s Europe tour targets post-Coalition partnerships

https://www.shafaq.com/en/Economy/Iraq-Siemens-Energy-sign-Phase-IV-power-framework