Iraq Economic News and Points To Ponder Saturday Afternoon 8-1-26
CBI Reserves Slide $7B+ In H1 2026
2026-08-01 Shafaq News- Baghdad Iraq’s foreign reserves fell by $7.4 billion during the first five months of 2026, while the country’s gold holdings increased by 5.7% from their level at the end of last year, according to data from the Central Bank of Iraq (CBI).
Foreign reserves stood at $93.673 billion at the end of May 2026, down from $101.082 billion in January, marking a decline of $7.409 billion, or 7.3%, over the five-month period.
In Iraqi dinar terms, foreign reserves totaled 121.775 trillion dinars ($93.673B) at the end of May, compared with 131.407 trillion dinars ($101.082B) in January. The difference amounted to 9.632 trillion dinars ($7.409B).
Meanwhile, Iraq’s gold holdings increased in value compared with the end of 2025, reaching 33.295 trillion dinars ($25.612B) at the end of May, up from 31.488 trillion dinars ($24.221B) at the close of last year.
The rise amounted to 1.807 trillion dinars ($1.391B), or 5.7%, although the value of Iraq’s gold reserves remained below the record level reached in March 2026, when they climbed to 38.386 trillion dinars ($29.532B).
The CBI’s total assets also declined to 88.114 trillion dinars ($67.780B) at the end of May, compared with 94.380 trillion dinars ($72.600B) in January. The decrease totaled 6.266 trillion dinars ($4.820B), or 6.6%. https://www.shafaq.com/en/Economy/CBI-reserves-slide-7B-in-H1-2026
Oil Minister to Turkiye to expand Iraq's export routes
2026-08-01 Shafaq News- Baghdad Iraq's Oil Minister Basim Mohammed Khudair al-Abbadi travelled to Turkiye on Saturday at the head of a senior delegation to finalise talks and sign an agreement on the transport and loading of Iraqi crude oil through the Iraq-Turkiye pipeline to the port of Ceyhan, according to an official statement.
Al-Abbadi said the visit aims to expand Iraqi crude export outlets and maximise financial revenues from exports to support the state budget, coinciding with disruptions at the Strait of Hormuz that have strained global energy supply chains.
The visit falls within broader ministerial efforts to strengthen cooperation with Turkiye on the export agreement, increase export capacity, and reduce dependence on traditional transit routes by securing alternative options, the statement added.
The two sides are also set to discuss joint project development and expanded cooperation in oil, gas, and infrastructure, to advance shared interests and enhance economic stability for both countries.
The trip follows the expiry of the previous pipeline agreement on July 27, and comes as both governments work to ensure continued crude flow and deepen energy sector ties.
Al-Abbadi had discussed the agreement with Turkish Energy and Natural Resources Minister Alparslan Bayraktar in Baghdad on July 9. Prime Minister Ali al-Zaidi visited Turkiye last week at the head of a senior government delegation and met with President Recep Tayyip Erdogan, with talks covering security, economic, and investment cooperation, as well as oil, energy, and trade.
A senior official at the state-owned North Oil Company disclosed to Shafaq News on June 24 that the Iraq-Turkiye pipeline running from Kirkuk to Ceyhan had been fully prepared, with a test pumping phase set to begin within two weeks ahead of a stable resumption of exports.
https://www.shafaq.com/en/Economy/Oil-Minister-to-Turkiye-to-expand-Iraq-s-export-routes
Iraq, Turkiye To Begin Ceyhan Oil Exports Under New Deal
2026-08-01 Shafaq News- Baghdad Iraqi and Turkish companies will begin operations under a new agreement to transport crude oil exports through the Iraq-Turkiye pipeline to the Port of Ceyhan, Prime Minister Ali Al-Zaidi announced on Saturday.
Al-Zaidi called the deal a “strategic milestone” for restoring Iraqi crude flows through the pipeline and expanding economic cooperation with Turkiye. Baghdad and Ankara, he added, are finalizing a broader framework covering oil, electricity, water resources, and other areas of mutual interest.
Earlier today, Oil Minister Bassem Mohammed Khudair Al-Abadi signed the one-year agreement with the Turkish side to transport Iraqi crude through the pipeline at a minimum rate of 750,000 barrels per day pending the completion of the wider framework.
https://www.shafaq.com/en/Economy/Iraq-Turkiye-to-begin-Ceyhan-oil-exports-under-new-deal
Basrah Crude Posts Sharp Weekly Losses
2026-08-01 Shafaq News- Basrah BasraH Heavy and Medium crude posted steep weekly losses even as global oil prices rose at the close of the week, following a stretch of volatility across markets in recent days.
BasraH Heavy fell $1.89 a barrel, or 3.25%, in the final trading session to settle at $56.21, marking a weekly loss of $9.61, or 14.60%, from its level at the start of the week.
BasraH Medium also slipped $1.89 a barrel, or 3.13%, to close at $58.51, posting a weekly loss of $9.61, or 14.11%, compared with the start of the week.
Global oil futures, by contrast, ended the week higher. Brent rose $0.98, or 1.10%, to $90.01 a barrel, while West Texas Intermediate climbed $1.22, or 1.46%, to $84.81 a barrel.
https://www.shafaq.com/en/Economy/BasraH-crude-posts-sharp-weekly-losses
Baghdad And Ankara Pursue 750K Bpd Deal
2026-08-01 Shafaq News- Ankara Iraq and Turkiye on Saturday discussed a one-year agreement setting a minimum Iraqi crude export volume of 750,000 barrels per day through the Iraq-Turkiye pipeline to Ceyhan.
The Ankara talks were led by Iraqi Oil Minister Basim Al-Abbadi and Turkish Energy and Natural Resources Minister Alparslan Bayraktar. Iraq’s Oil Ministry stated that the temporary deal would remain in force while both sides develop a broader framework covering oil, electricity, and water resources
The previous bilateral pipeline framework expired on July 27. The route, Iraq’s only active crude export outlet outside its southern terminals, reopened in September 2025 after a two-and-a-half-year shutdown linked to an international arbitration dispute over Kurdistan Region crude exports.
Read more: Iraq–Turkiye pipeline restart reshapes energy balance
https://www.shafaq.com/en/Economy/Baghdad-and-Ankara-pursue-750K-bpd-deal
Dollar Edges Higher In Baghdad And Erbil
2026-08-01 Shafaq News- Baghdad/ Erbil The US dollar closed Saturday’s trading higher in Iraq, hovering around 150,000 dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 152,000 dinars per 100 dollars, up from the morning session’s 150,850 dinars.
In the Iraqi capital, exchange shops sold the dollar at 152,500 dinars and bought it at 151,500 dinars, while in Erbil, selling prices stood at 152,100 dinars and buying prices at 152,000 dinars.
https://www.shafaq.com/en/Economy/Dollar-edges-higher-in-Baghdad-and-Erbil-8-7