Iraq Economic News and Points To Ponder Saturday Afternoon 9-26-26

Saudi Arabia: Threats To International Navigation Could Affect Global Economy

Arab and International  Saudi Foreign Minister Faisal bin Farhan said on Saturday evening that the Kingdom supports the Iraqi government in the file of limiting arms to the state and enhancing the country's sovereignty and security, pointing out the importance of Iraqi territory not to be a starting point for aggression against neighboring countries.

In his speech to the United Nations General Assembly in New York, bin Farhan said that Saudi Arabia and the countries of the region have been subjected to "brute Iranian attacks," stressing that the security of the Gulf region is an integral part of the security of the region and the world.

Efforts to restore security in the region cannot be based on hegemony and the imposition of influence, he said, stressing that any arrangements related to the security of the region should be comprehensive and sustainable.

He warned that the dangers that threaten international navigation may affect the global economy, stressing the importance of ensuring freedom of navigation in all international waterways, calling for the importance of the return of the Strait of Hormuz to work before the war without imposing fees, pointing out that the restoration of global supply chains is a joint responsibility.

The Saudi minister also stressed the need for the region to be free of weapons of destruction and the subjection of peaceful nuclear facilities to international control.

https://www.economy-news.net/content.php?id=74373i

Finance Reviews The 2027 Budget In Preparation For Sending It To The Council Of Ministers

Money and business   Economy News - Baghdad Finance Minister Faleh Sari chaired a meeting of the budget preparation committee on Saturday to review the draft federal budget for 2027 and complete its requirements, in preparation for sending it to the Council of Ministers during the coming period.

The Ministry of Finance said in a statement that "Sari chaired the meeting immediately after his return from New York, to follow up the stages of preparing the draft budget and review its paragraphs and complete the procedures and requirements associated with them."

The statement added that the Minister of Finance directed to "continue to work at an accelerated pace and complete the reviews and procedures related to the budget paragraphs according to the specified times."

He pointed out that the meeting comes within the efforts of the ministry to complete the draft federal budget for 2027 and prepare it for presentation to the Council of Ministers in preparation for the completion of constitutional and legislative procedures

https://www.economy-news.net/content.php?id=74356

Iraq Imports First Gasoline Batch Through Syria

2026-09-25 03:07   Shafaq News- Baghdad   Iraq has begun importing its first batch of gasoline through Syria, an Iraqi oil source told Shafaq News on Friday, with the first shipments arriving at the Syrian port of Baniyas for onward transport by tanker truck.

Loading onto the trucks has begun ahead of their departure for Iraq, the source said, adding that the quantities, the supplier, and the route into the country would become clear once the transport is complete.

Baghdad and several Iraqi provinces have faced a gasoline shortage for weeks, after a brief easing last month, with long queues at filling stations and dozens of outlets closing. Earlier this month, Oil Minister Basim Mohammed Khudair said the ministry was working to fix the shortfall and that new shipments would arrive soon.

Read more: Iraqi panel proposes Kurdistan fuel overhaul amid shortages

https://shafaq.com/en/Economy/Iraq-imports-first-gasoline-batch-through-Syria

Syria Begins First Gasoline Shipments To Iraq

2026-09-25 Shafaq News- Damascus   Syria Petroleum Company said Friday it had begun sending the first gasoline shipments through Syrian ports toward border crossings into Iraq.

Three tankers loaded with fuel have arrived at Syrian ports, and the first, carrying about 32,000 tons of gasoline, has been unloaded, while the other two await their turn, the company's institutional communication director, Safwan Sheikh Ahmed, said in a statement.

Loading onto trucks began on September 22, with two convoys dispatched so far: the first of 10 tankers and the second of 55, and the ports and technical crews are ready to raise capacity to 150 tanker trucks a day once more become available to complete the transport across the border into Iraq.

https://shafaq.com/en/Economy/Syria-begins-first-gasoline-shipments-to-Iraq

SOMO tenders 2M crude barrels for October

2026-09-25 Shafaq News- Baghdad   Iraq’s state oil marketer SOMO has launched a tender to sell two million barrels of Basrah Heavy crude for loading between October 1 and 7, according to a document seen by Reuters on Friday.

Bids are due by noon Baghdad time on September 28, the document showed.

The offer follows another SOMO tender announced on September 23 for two million barrels of Basrah Heavy to be loaded between September 27 and 30 through a ship-to-ship transfer off Oman, outside the Strait of Hormuz.

Iraq, OPEC’s second-largest producer, has used alternative crude-loading arrangements as shipping through the Strait of Hormuz has been disrupted by regional conflict.

Read more: No exit but Hormuz: Iraq's economic vulnerability exposed

https://shafaq.com/en/Economy/SOMO-tenders-2M-crude-barrels-for-October

Basrah Heavy, Medium Fall ~10%

2026-09-Shafaq News- Basra   Iraq’s Basrah Heavy and Basrah Medium crude grades ended the week down about 10%, after both fell $8.57 per barrel in the latest trading session.

Basrah Heavy dropped 9.56% in the latest session to $81.07 per barrel, ending the week $9.20 lower, or 10.19%, from $90.27 at the start of the week.

Basrah Medium also fell $8.57, or 9.22%, to $84.37 per barrel, posting a weekly loss of $9.20, or 9.83%, from $93.57.

In global markets, Brent crude settled at $104.32 per barrel on Friday, down $2.28, or 2.1%, while US West Texas Intermediate fell $2.20, or 2.3%, to $92.41, according to Reuters. Oil prices declined as markets weighed prospects for a US-Iran truce against continuing concerns over attacks on Saudi Arabia and regional supply disruptions.

https://shafaq.com/en/Economy/Basrah-Heavy-Medium-fall-10

Gold Prices Hold Steady In Baghdad, Erbil

2026-09-Shafaq News- Baghdad/ Erbil   On Saturday, Gold Prices Hovered Around 950,000 IQD Per Mithqal In Baghdad And Erbil Markets, Holding Steady, According To A Shafaq News Market Survey.

Gold Prices On Baghdad's Al-Nahr Street Recorded A Selling Price Of 945,000 IQD Per Mithqal (Equivalent To Five Grams) For 21-Carat Gold, Including Gulf, Turkish, And European Varieties, With A Buying Price Of 941,000 IQD. The Same Gold Had Sold For 945,000 IQD On Thursday.

The Selling Price For 21-Carat Iraqi Gold Stood At 915,000 IQD, With A Buying Price Of 911,000 IQD.

In Jewelry Stores, The Selling Price Per Mithqal Of 21-Carat Gulf Gold Ranged Between 945,000 And 955,000 IQD, While Iraqi Gold Sold For Between 915,000 And 925,000 IQD.

In Erbil, 22-Carat Gold Was Sold At 990,000 IQD Per Mithqal, 21-Carat Gold At 945,000 IQD, And 18-Carat Gold At 809,000 IQD. https://shafaq.com/en/Economy/Gold-prices-hold-steady-in-Baghdad-Erbil-6