Iraq Economic News and Points To Ponder Saturday Afternoon 10-3-26
Basrah Crude Loses Over 7% On Week
2026-10-03 Shafaq News- Basra Iraq’s Basrah Heavy and Basrah Medium crude grades ended the week down more than 7%, despite both rising $4.94 per barrel in the final trading session.
Basrah Heavy gained 7.08% in the latest session to $74.75 per barrel, ending the week down $6.32, or 7.80%, from $81.07 at the start of the week.
Basrah Medium also rose $4.94, or 6.76%, to $78.05 per barrel, posting a weekly loss of $6.32, or 7.49%, from $84.37.
In global markets, US West Texas Intermediate fell $2.81, or 3.03%, to $90.06 per barrel, while Brent crude declined $1.76, or 1.72%, to $100.55. https://shafaq.com/en/Economy/Basrah-crude-loses-over-7-on-week
Dollar Rises In Baghdad, Erbil
2026-10-03 Shafaq News- Baghdad/ Erbil The US dollar opened Saturday’s trading higher in Iraq, hovering around 157,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 157,250 dinars per 100 dollars, up from the previous session’s 156,850 dinars on Thursday.
In the Iraqi capital, exchange shops sold the dollar at 157,750 dinars and bought it at 156,750 dinars, while in Erbil, selling prices stood at 157,250 dinars and buying prices at 157,200 dinars.
https://shafaq.com/en/Economy/Dollar-rises-in-Baghdad-Erbil
Gold Prices Decline In Baghdad, Climb In Erbil
2026-10-03 Shafaq News- Baghdad/ Erbil On Saturday, gold prices hovered around 920,000 IQD per mithqal in Baghdad and Erbil markets, falling in Baghdad but rising in Erbil, according to a Shafaq News market survey.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 917,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 913,000 IQD. The same gold had sold for 920,000 IQD on Thursday.
The selling price for 21-carat Iraqi gold stood at 887,000 IQD, with a buying price of 883,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 920,000 and 930,000 IQD, while Iraqi gold sold for between 890,000 and 900,000 IQD.
In Erbil, 22-carat gold was sold at 973,000 IQD per mithqal, 21-carat gold at 930,000 IQD, and 18-carat gold at 797,000 IQD.
https://shafaq.com/en/Economy/Gold-prices-decline-in-Baghdad-climb-in-Erbil
Iranian Toman Hits New Low Against US Dollar
2026-10-03 Shafaq News- Tehran Iran's currency weakened further against the US dollar on Saturday, hitting a new low on Tehran's open market, according to Bonbast, which tracks Iran's free-market exchange rates.
By midday, the dollar sold for 267,100 tomans and was bought at 265,519, up 2.06% from the day's opening rate, Bonbast data showed. It traded between 261,500 and 267,100 tomans during the session. One toman equals 10 rials
https://shafaq.com/en/Economy/Iranian-toman-hits-new-low-against-US-dollar
Jordan’s Exports To Iraq Rise 20%+
2026-10-03 Shafaq News- Amman/ Baghdad Jordan’s exports to Iraq rose 20.4% in the first seven months of 2026, while imports from Iraq fell 56.6%, Jordan’s Department of Statistics said on Saturday.
According to the data, Jordanian exports to Iraq reached 632 million Jordanian dinars (about $891.4M) during the period, up from 525 million dinars (about $740.4M) in the same period of 2025.
Jordan’s imports from Iraq fell to 43 million dinars (around $60.6M) in the first seven months of 2026, compared with 99 million dinars (around $139.6M) during the same period last year.
Jordan’s trade surplus with Iraq increased to about 589 million dinars (about $830.7M) from roughly 426 million dinars (about $600.8M) in the first seven months of 2025. https://shafaq.com/en/Economy/Jordan-s-exports-to-Iraq-rise-20
USD/IQD Exchange Rates Surge In Bagdad, Erbil
2026-10-03 Shafaq News- Baghdad/ Erbil The US dollar edged higher against the Iraqi dinar in Baghdad and Erbil on Saturday, hovering around 157,000 dinars per $100 as evening trading closed.
According to a Shafaq News market survey, in Baghdad, the Al-Kifah and Al-Harithiya central exchanges closed at 157,300 dinars per $100, up slightly from 157,250 dinars in the morning.
Exchange shops in Baghdad kept their retail rates unchanged, selling $100 for 157,750 dinars and buying it for 156,750 dinars.
In Erbil, the dollar also rose, with exchange shops selling $100 for 157,550 dinars and buying it for 157,500 dinars.
https://shafaq.com/en/Economy/USD-IQD-exchange-rates-surge-in-Bagdad-Erbil
Iraq, Turkiye Advance Draft Ceyhan Oil Export Deal
2026-10-03 Shafaq News- Baghdad/ Ankara Iraq and Turkiye advanced work on a draft agreement governing Iraqi oil exports through the Turkish port of Ceyhan, Oil Minister Bassem Al-Abadi said on Saturday.
Al-Abadi said talks with the Turkish energy minister focused on increasing export capacity through Ceyhan and expanding Turkish companies’ participation in Iraqi oil and gas projects, describing the meeting as “very productive.”
He said the cooperation could help attract qualified international companies to develop and invest in Iraq’s oil and gas sector.
Read more: Iraq–Turkiye pipeline restart reshapes energy balance
The two sides also formed two joint technical committees, one focused on oilfield investment and the other on developing and building oil infrastructure. They also discussed partnerships between Iraqi and Turkish companies.
“We hope this proceeds smoothly to achieve the desired objectives, in line with the government’s vision and strategy and the ministry’s plans,” Al-Abadi said.
On Aug. 1, Iraq and Turkiye signed a one-year agreement to transport at least 750,000 barrels of Iraqi crude per day through the Iraq-Turkiye pipeline to Ceyhan while negotiations continue on a broader framework agreement.
Prime Minister Ali Al-Zaidi said at the time that Iraqi and Turkish companies would begin implementing the arrangement, while Baghdad and Ankara worked toward a broader agreement covering oil, electricity and water resources.
Al-Abadi arrived in Ankara on Friday for talks on cooperation in oil, gas and energy.
https://shafaq.com/en/Economy/Iraq-Turkiye-advance-draft-Ceyhan-oil-export-deal