Iraq Economic News And Points To Ponder Friday Morning 3-20-26
Hebrew Media: 19 Days Of War Cost Israel $6.4 Billion
Money and Business Economy News - Follow-up An Israeli newspaper revealed the cost of the war that Israel is waging on Iran and Lebanon, saying that it cost the treasury about $6.4 billion during the first 19 days of the ongoing war.
The Israeli economic newspaper "The Marker" said: "It is a particularly costly war, with weapons in huge quantities, dozens of fighter jets flying to Iran daily and 200 aircraft on the opening day (the start of the war).
She explained that "drones are present in Iran almost around the clock, and 60 aircraft operate as aerial refueling stations thanks to the United States, as well as interceptor aircraft, reserves, in addition to the Lebanese arena."
The newspaper stated that the cost of the war on Iran and Lebanon is estimated at more than one billion shekels per day ($322 million), and that the cost in the first 19 days amounted to about 20 billion shekels ($6.4 billion).
She added: "These are direct defense costs only, without civilian expenditures or loss in GDP."
The newspaper indicated that the amount allocated for waging the war is 39 billion shekels ($12.5 billion).
She added: "If the budget reflects the estimated duration of the war, it can be concluded that it will last about 39 days, which means there are three weeks left until the end of the war, or the end of the budget. The war may end before or after, in line with a number of statements in recent days."
Hebrew media outlets had quoted Israeli officials in the past two days as estimating that the war would continue for "several more weeks".
Since February 28, Israel and the United States have been launching attacks on Iran, killing at least 1,332 people, including 202 children, 223 women, and Supreme Leader Ali Khamenei, in addition to more than 15,000 wounded and widespread destruction.
Tehran responds by launching missiles and drones towards Israel, killing at least 16 people and injuring 4,099, in addition to attacks that killed 13 American soldiers and injured 200.
The war on Iran has expanded regionally to include Lebanon, where Israel began a new aggression on March 2 by launching raids on the southern suburbs of Beirut and areas in the south and east, and the following day it began a limited ground incursion into the south. https://www.economy-news.net/content.php?id=66934
Al-Sharaa: Syria's New Budget For 2026 Amounted To Approximately $10.5 Billion.
Money and Business Economy News — Follow-up Ahmad al-Sharaa announced that the value of the general budget in Syria for 2026 amounted to about $10.5 billion, during a speech he delivered at the People’s Palace in Damascus after performing the Eid prayer, according to what was reported by Syrian television.
Al-Sharaa pointed out that the country is facing a number of economic and political challenges, in light of the repercussions of regional and international turmoil, stressing that the government took over in very difficult circumstances that require exceptional efforts to restore balance to the economy.
He explained that the gross domestic product (GDP) has declined sharply to about $20 billion by 2024, compared to about $60 billion in 2010 before the years of decline, reflecting the extent of the contraction that has affected the economy during the past period.
He also pointed out that the general budget witnessed a significant decline, as it decreased from about $20 billion previously to only about $2 billion, before showing improvement in the 2026 budget.
Al-Sharaa stressed that the current stage requires focusing on economic and living issues alongside political files, noting that there are many vital issues on the scene, at a time when the government is seeking to enhance stability and drive the economic recovery. https://www.economy-news.net/content.php?id=66919
Oil Prices Fall Amid US Efforts To Increase Supplies And Resolve The Strait Of Hormuz Crisis
Follow up-INA Oil prices fell on Friday after major European countries and Japan offered to join forces to ensure safe passage for ships through the Strait of Hormuz, along with the United States announcing steps to support supplies.
In a renewed effort to curb soaring oil prices, U.S. Treasury Secretary Scott Bessent said the United States could soon lift sanctions on Iranian oil transported by tankers, adding that it was also possible more crude oil could be released from the U.S. Strategic Petroleum Reserve.
Brent crude futures fell $1.27, or 1.17%, to $107.40 a barrel, while U.S. West Texas Intermediate crude futures dropped $1.60, or 1.67%, to $93.95.
Oil: Ongoing Coordination To Secure Crude Oil For Southern Refineries And Ensure Uninterrupted Product Supply
Baghdad-INA The Ministry of Oil announced on Friday its plans to dispose of critical products and ensure fuel supply, while confirming the continued supply of petroleum products without interruption.
Salman Hadar, director of the production department at the South Refineries Company, affiliated with the Ministry of Oil, told the Iraqi News Agency (INA): "The department is working to prepare crude oil in a manner appropriate to the current situation and the operational nature of the units at the Basra refinery, "He explained that "there is ongoing communication with the Basra Oil Company to secure the required crude oil, and all quantities are available."
He added that "some critical products, particularly fuel oil, may hinder operations despite the availability of storage capacity," He noted that "the Ministry of Oil has developed plans to manage these products, and the supply of petroleum products is continuous without any interruption."
Hadar pointed out that "the FCC (Fluid Catalytic Cracking) unit project is still within the Japanese contract," explaining that "the Japanese company has not left Iraq and is present, but it has taken precautionary measures, and the FCC refinery is operational."https://ina.iq/en/economy/46851-oil-ongoing-coordination-to-secure-crude-oil-for-southern-refineries-and-ensure-uninterrupted-product-supply.html
China Records Highest Imports Of Russian Crude Oil In January And February
Money and Business Economy News - Follow-up Customs data released on Friday showed that China's crude oil imports from Russia, its largest supplier, reached 21.8 million tons in the first two months of 2026, equivalent to 2.7 million barrels per day, a 41% increase compared to the same period last year.
According to Reuters calculations based on customs data, the daily import rate in the first two months reached an unprecedented level, at least since 2015.
Gold falls more than 3% after the US Federal Reserve holds interest rates steady
Imports from Malaysia, the largest transshipment hub for sanctioned Iranian oil, fell 21% to 7.78 million tons or 0.96 million barrels per day in January and February.
Imports from Indonesia in the first two months amounted to 5.09 million tons or 0.63 million barrels per day.
Imports from Saudi Arabia, China’s second-largest supplier, reached 12.05 million tons or 1.49 million barrels per day in the first two months, up 3% from the same period last year.
Imports from the UAE rose 22% year-on-year in the first two months to 6.46 million tons, or 0.8 million barrels per day. However, this represents a slowdown from the 1.44 million barrels per day recorded in December, which was the highest monthly import volume on record. The customs data did not include any imports from Venezuela or Iran. https://www.economy-news.net/content.php?id=66920
Revolutionary Guard: Our Missile Capabilities Are Constantly Increasing, And Surprises Await The Enemies.
Time: 2026/03/20 {International: Al-Furat News} The Iranian Revolutionary Guard announced that its missile system is operating at full capacity without interruption.
The Revolutionary Guard indicated that the strategic stockpile of missiles is proceeding at comfortable levels that do not raise any concern, even under exceptional circumstances.
The Guard confirmed that the missile industry has reached an unprecedented peak, noting that the next stage will bring qualitative developments that will surprise adversaries, in light of an expected escalation in the complexity of military operations. LINK