Basrah Heavy, Medium Crude Record Weekly Losses
2026-10-31 Shafaq News- Basrah Iraq’s Basrah crude grades ended the week down by around 0.15%, despite gains in the final trading session and rising global oil benchmarks.
Basrah Heavy crude climbed by $1.09, or 1.49%, in the final session to settle at $74.11 per barrel, but recorded a weekly loss of $0.10, or 0.13%, from $74.22 at the start of the week.
Basrah Medium crude rose by $1.09, or 1.42%, to close at $78.10 per barrel, posting a weekly loss of $0.12, or 0.13%, from its opening level of $78.22.
West Texas Intermediate crude futures settled at $104.07 per barrel, up $2.02, or 1.98%, while Brent crude futures gained 2.53, or 1.20%, to finish at $117.41 per barrel.
https://shafaq.com/en/Economy/Basrah-Heavy-Medium-crude-record-weekly-losses
US Dollar Slips In Baghdad, Steady In Erbil
2026-10-31 Shafaq News- Baghdad/ Erbil The US dollar opened Saturday’s trading lower in Baghdad but remained stable in Erbil, hovering around 168,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 167,900 dinars per 100 dollars, down from the previous session’s 168,000 dinars.
In the Iraqi capital, exchange shops sold the dollar at 168,500 dinars and bought it at 167,500 dinars, while in Erbil, selling prices stood at 167,750 dinars and buying prices at 167,650 dinars.
https://shafaq.com/en/Economy/US-dollar-slips-in-Baghdad-steady-in-Erbil
Gold Prices Drop In Baghdad And Erbil
2026-10-31 05:25 Shafaq News- Baghdad/ Erbil Gold prices edged lower in Baghdad and Erbil on Saturday, hovering between 910,000 and 935,000 IQD per mithqal, according to a Shafaq News survey.
On Baghdad’s Al-Nahr Street, 21-carat Gulf, Turkish, and European gold sold for 910,000 IQD per mithqal (five grams), with a buying price of 906,000 IQD, compared with 950,000 IQD on Thursday.
The selling price for 21-carat Iraqi gold stood at 880,000 IQD, while the buying price reached 876,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 910,000 and 920,000 IQD, while Iraqi gold sold for between 880,000 and 890,000 IQD.
In Erbil, 22-carat gold was sold at 977,000 IQD per mithqal, 21-carat gold at 933,000 IQD, and 18-carat gold at 800,000 IQD.
https://shafaq.com/en/Economy/Gold-prices-drop-in-Baghdad-and-Erbil-2-8
UAE Exports To Iraq Fall 25% In H1 2026
2026-10-31 13:59 Shafaq News- Baghdad UAE exports and re-exports to Iraq fell by 25% in the first half of 2026, declining by approximately $3.5 billion from a year earlier, Iraqi economist Manar al-Obaidi said on Saturday, citing official Emirati statistics.
Al-Obaidi, head of the Iraq Future Foundation, said the combined value of non-oil exports and re-exports dropped to $10.6 billion from $14.1 billion in the same period of 2025.
Re-exports, which include goods shipped through UAE ports from other countries, fell 32%, compared with a 10% decline in UAE-produced exports.
According to al-Obaidi, electrical and electronic goods shipments dropped 27%, while vehicles and machinery each recorded declines of 32%.
He said the UAE, particularly Dubai's Jebel Ali Port, remains a major gateway for Iraq's supply chains, making the country vulnerable to disruptions in Gulf shipping routes that affect prices, product availability and delivery times.
Al-Obaidi suggested that part of the decline could reflect a shift toward alternative import routes through Turkiye and Jordan, alongside direct purchases from producing countries rather than through UAE re-export hubs.
He also cited higher Iraqi customs tariffs on certain goods, exceeding 30%, and Central Bank of Iraq restrictions on financial transfers involving indirect suppliers as factors contributing to weaker import demand and reduced trade through the UAE.
https://shafaq.com/en/Economy/UAE-exports-to-Iraq-fall-25-in-H1-2026
Saudi Arabia Gives Preliminary Approval For Iraq Pipeline
2026-10-31 14:55 Shafaq News- Baghdad Saudi Arabia has given preliminary approval to revive a long-idle oil export pipeline with Iraq, but the project would require a replacement line, with Baghdad covering part of the cost, informed sources told Shafaq News on Saturday.
Iraq has repeatedly raised the proposal with Riyadh, which expressed willingness to update the bilateral agreement once joint technical committees are formed, according to the sources.
The pipeline has been out of service since 1990, but disruptions in the Strait of Hormuz have renewed interest in restoring the export route. Saudi Arabia favors building a replacement because rehabilitating the existing line would cost nearly as much as constructing a new one.
The sources explained that Riyadh has repurposed the section within its territory to transport Saudi crude from the country's east to the Red Sea. Any agreement to revive the joint route would therefore require Iraq to rebuild its own section and the two countries to reach a political understanding.
Another obstacle is Saudi Arabia's 2001 confiscation of the Iraqi pipeline section within its territory. Both countries would need to resolve outstanding ownership and legal rights before proceeding.
Stretching approximately 1,568 kilometers from the Zubair oilfield in Iraq's southern Basra province to the Saudi Red Sea port of Yanbu, the pipeline was built in the 1980s and stopped operating following Iraq's invasion of Kuwait in 1990.
On August 29, Iraqi Prime Minister Ali Al-Zaidi called for accelerating a crude oil export pipeline project, citing its strategic importance in diversifying export routes and expanding the country's export capacity.
https://shafaq.com/en/Economy/Saudi-Arabia-gives-preliminary-approval-for-Iraq-pipeline