Iraq Economic News And Points To Ponder Saturday Afternoon 4-25-26
Iraq Ranks 29th Globally With 174.6 Tons Gold Reserves
2026-04-25 Shafaq News- Baghdad Iraq maintained its position among the world’s largest gold reserve holders, ranking 29th globally with holdings of 174.6 tons, the UK-based World Gold Council reported on Saturday.
Saudi Arabia topped Arab countries with reserves of 323.1 tons, followed by Lebanon with 286.8 tons, while Iraq ranked third regionally, holding its place with 174.6 tons. Algeria came fourth among Arab states with 173.6 tons, followed by Libya in fifth place with 146.8 tons, reflecting varying levels of gold reserves across the region.
Globally, the United States retained its lead as the largest gold holder with 8,113 tons, followed by Germany with 3,350 tons, Italy with 2,451 tons, France with 2,437 tons, and Russia in fifth place with 2,311 tons.
https://www.shafaq.com/en/Economy/Iraq-ranks-29th-globally-with-174-6-tons-gold-reserves
Iran, Iraq Eye $20B Trade Target With New Barter System Plan
2026-04-25 Shafaq News- Tehran Iran and Iraq are moving to establish a barter system for goods and services as part of efforts to expand bilateral trade, the head of the Iran–Iraq Joint Chamber of Commerce said on Saturday.
Yahya Al-Eshaq indicated that the initiative forms part of the chamber’s strategic plans for the year, aimed at strengthening economic ties between the two countries.
Iraq remains one of the main destinations for Iran’s non-oil exports, importing goods, technical and engineering services, and energy worth billions of dollars annually, he noted, describing the relationship as strategically significant on both commercial and geopolitical levels.
The cooperation has supported economic growth, job creation, infrastructure development, and closer economic integration, supported by shared religious and cultural ties and a long land border that facilitates trade and investment.
The chamber is targeting an increase in bilateral trade to $20 billion annually, a goal that requires addressing key challenges including trade imbalances, administrative and bureaucratic hurdles, and the impact of sanctions.
Proposed measures include launching a barter mechanism for goods and services, creating a joint investment platform, establishing a financial settlement system for traders, setting up a clearing center, and accelerating export processes to Iraq while facilitating imports into Iran. https://www.shafaq.com/en/Economy/Iran-Iraq-eye-20B-trade-target-with-new-barter-system-plan
Brazil Overtakes Iraq In China Oil Supply Shift
2026-04-24 Shafaq News- Baghdad Brazil and Angola posted significant gains in China’s crude oil imports for the first quarter of 2026, at the expense of Iraq and Gulf producers, the Iraq Future Foundation for Economic Studies and Consultations said on Friday.
In a statement, Manar al-Obaidi, head of the foundation, explained that the decline in Iraq’s market share is not solely linked to disruptions in the Strait of Hormuz, but also to structural factors that have strengthened competing suppliers.
“Brazil and Angola offer higher-quality crude with lower sulfur content compared to Iraqi oil, making it more attractive to Chinese refineries seeking to reduce refining costs,” he said, adding that both countries benefit from not being bound by OPEC+ production quotas, a factor that allows them greater flexibility to meet rising Chinese demand and expand their market share.
Shipping security was also cited as a key factor, with routes from South America and Africa seen as more stable and less exposed to tensions affecting Middle Eastern waterways.
Read more: Iraq’s oil bottleneck: Abundance trapped by dependency
Despite Iraq currently holding about 10 percent of China’s oil imports, he warned of a sharp decline expected in April and May, as the full impact of Strait of Hormuz disruptions becomes more evident in second-quarter data.
“The bigger risk lies in the potential long-term entrenchment of this shift,” he cautioned, noting that strong ties between China and countries such as Russia, Brazil, and Angola within the BRICS group could provide them with sustained economic and political advantages.
Al-Obaidi warned that if the crisis continues, “Iraq may struggle to regain its market share even after conditions stabilize, unless it resorts to significant price discounts.”
Read more: Iraq's energy vulnerability: When a petro-state has no buffer
Iraq Oil Output Plunges 3M Bpd, Food Security “Safe”
2026-04-25 Shafaq News- Baghdad Iraq’s oil production has fallen to 1.3 million barrels per day from 4.3 million due to disruptions in shipping through the Strait of Hormuz following the US-Israeli war on Iran.
The conflict has constrained maritime traffic through the strategic waterway, a key artery for global oil trade, pushing exports below 800,000 barrels per day and driving losses estimated at about $128 million daily.
Read more: Iraq’s oil bottleneck: Abundance trapped by dependency
Despite this, the impact –particularly on food security– is expected to remain limited over the medium term, Prime Minister financial adviser Mazhar Mohammed Salih told Shafaq News. He outlined two main tracks underpinning economic stability, centered on domestic support measures and external financial buffers.
The first track rests on sustained government subsidies covering essential goods, including the food basket and strategic reserves, alongside support for agriculture, particularly grain production, as well as fuel, healthcare, and other social and economic services, while the second centers on foreign currency reserves, which remain sufficient to finance external trade for more than a year and are backed by oil export revenues as the country’s primary source of hard currency.
At around $100 billion, the reserves provide what Salih described as a “relative safety margin” for managing external obligations and maintaining exchange rate stability. Monetary policy also continues to balance liquidity with price stability while ensuring access to foreign currency, helping contain inflationary pressures.
https://www.shafaq.com/en/Economy/Iraq-oil-output-plunges-3M-bpd-food-security-safe
Basrah Crudes Rallies As Oil Markets Climb
2026-04-25 Shafaq News- Basrah Basrah’s Heavy and Medium crude grades closed last week with gains, tracking a broader rise in global oil prices amid continued uncertainty over US–Iran negotiations.
Basrah Heavy rose by $2.50 in the final trading session to settle at $120.37 per barrel, bringing its weekly gain to $3.78, or 3.24%. Basrah Medium increased by $2.50 to $122.47 per barrel at the close, posting a weekly gain of $3.51, or 2.95%.
Global benchmarks also advanced, with Brent crude up 0.9% to $106 per barrel on Friday, heading for weekly gains of around 17%, while US West Texas Intermediate traded near $96.5 per barrel, up roughly 0.8%.
https://www.shafaq.com/en/Economy/Basrah-crudes-rallies-as-oil-markets-climb
USD/IQD Exchange Rates Climb In Baghdad, Erbil
2026-04-25 Shafaq News- Baghdad/ Erbil The US dollar opened Saturday’s trading higher in Iraq, rising to around 155,250 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad’s al-Kifah and al-Harithiya exchanges at 155,250 dinars per 100 dollars, up from 154,950 dinars recorded last Thursday.
In the Iraqi capital, exchange shops sold the dollar at 155,750 dinars and bought it at 154,750 dinars, while in Erbil, selling prices stood at 155,050 dinars and buying prices at 154,900 dinars.
https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-climb-in-Baghdad-Erbil-4-5
Gold Prices Stabilize In Baghdad And Erbil
2026-04-25 Shafaq News- Baghdad/ Erbil On Saturday, gold prices in Baghdad and Erbil hovered around 1.03 million IQD per mithqal for 21-carat gold, according to a market survey by Shafaq News.
Gold prices on Baghdad’s Al-Nahr Street recorded a selling price of 1,031,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1,028,000 IQD, the same as Thursday’s rates.
The selling price for 21-carat Iraqi gold stood at 1,001,000 IQD, with a buying price of 998,000 IQD. In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1,030,000 and 1,040,000 IQD, while Iraqi gold sold for between 1,000,000 and 1,010,000 IQD.
In Erbil, gold prices declined, with 22-carat gold sold at 1,071,000 IQD per mithqal, 21-carat gold at 1,023,000 IQD, and 18-carat gold at 876,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-stabilize-in-Baghdad-and-Erbil-6