Iraq Economic News and Points To Ponder Saturday Morning 6-27-26
USD/IQD Exchange Rates Stabilize In Baghdad, Surge In Erbil
2026-06-27 Shafaq News- Baghdad/ Erbil The US dollar was steady in Baghdad and edged higher in Erbil on Saturday as trading resumed for the week, hovering around 157,000 Iraqi dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded at 156,850 dinars per 100 dollars in Baghdad's Al-Kifah and Al-Harithiya central exchanges, unchanged from Thursday's opening session.
In the Iraqi capital, exchange shops sold the dollar at 157,250 dinars and bought it at 156,250 dinars.
In Erbil, the dollar advanced, with selling prices reaching 156,900 dinars per 100 dollars and buying prices at 156,800 dinars.
https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-stabilize-in-Baghdad-surge-in-Erbil-7
Basrah Crudes Jump 17%+ For The Week
2026-06-27 Shafaq News- Basrah Basrah Heavy and Basrah Medium crude posted weekly gains of more than 17%, outperforming global oil benchmarks, which ended the week lower.
Basrah Heavy rose $1.76, or 2.97%, in the final trading session to settle at $61.05 a barrel, bringing its weekly gain to $10.57, or 17.3%. Basrah Medium also climbed $1.76, or 2.87%, to $63.15 a barrel, recording a weekly gain of $10.57, or 20.1%.
Meanwhile, Brent settled at $71.96 a barrel, down $3.30, or 4.38%, while US West Texas Intermediate fell $2.77, or 3.85%, to $69.12 a barrel. https://www.shafaq.com/en/Economy/Basrah-crudes-jump-17-for-the-week
Europe Gas Prices Edge Higher After Hormuz Tensions
2026-06-27 Shafaq News- Tehran/ Washington European natural gas prices climbed on Saturday after renewed US-Iran security tensions in the Strait of Hormuz, through which about 20% of global energy supplies pass, and an attack on a commercial vessel.
Benchmark gas futures rose 1.6% after declining in the previous two trading sessions. Although prices have traded within a narrow range this week, they remain more than 25% above pre-war levels.
Empty liquefied natural gas (LNG) carriers were seen waiting near Qatar's main export terminal in the Gulf, preparing to load new cargoes. At the same time, rising summer demand for cooling in Europe and Asia is expected to intensify competition for seaborne LNG shipments, potentially forcing European buyers to continue paying a premium to secure sufficient supplies.
European gas storage facilities are currently just over 47% full, remaining below the seasonal average.
Read more: Iran is losing the war, the US is losing the endgame
https://www.shafaq.com/en/Economy/Europe-gas-prices-edge-higher-after-Hormuz-tensions
Iraq Targets 7M Bpd Oil Output In Three Years
2026-06-27 Shafaq News- Baghdad Iraq aims to raise its crude oil production to 7 million barrels per day (bpd) within the next three years, Prime Minister Ali al-Zaidi said on Saturday,
Speaking to Sky News, the PM noted that Baghdad has already presented the production target to US energy companies as it seeks greater investment in Iraq's upstream oil sector.
Last week, Iraq pushed to expand production capacity while pressing for greater flexibility under OPEC output quotas. Baghdad, the organization's second-largest producer after Saudi Arabia, has repeatedly argued that its production limits do not reflect its growing capacity or long-term development plans.
Al-Zaidi did not address Iraq's future membership in OPEC directly, days after speculation over a possible withdrawal was dismissed by the Oil Ministry. Instead, he emphasized the government's commitment to expanding oil production through international partnerships and investment.
The target would represent an increase of roughly 55–65% from Iraq's current production levels of about 4.2–4.5 million bpd, which fell to about 1.3 million bpd during the Hormuz closure before recovering.
Read more: No exit but Hormuz: Iraq's economic vulnerability exposed
https://www.shafaq.com/en/Economy/Iraqi-targets-7M-bpd-oil-output-in-three-years
Gold Gains In Baghdad And Erbil
2026-06-27 Shafaq News- Baghdad/ Erbil On Saturday, gold prices hovered around 900,000 IQD per mithqal in Baghdad and Erbil markets, according to a survey by Shafaq News Agency.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 898,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 894,000 IQD. The same gold had sold for 880,000 IQD on Thursday.
The selling price for 21-carat Iraqi gold stood at 868,000 IQD, while the buying price reached 864,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 890,000 and 900,000 IQD, while Iraqi gold sold for between 870,000 and 880,000 IQD.
In Erbil, 22-carat gold was sold at 956,000 IQD per mithqal, 21-carat gold at 912,000 IQD, and 18-carat gold at 782,000 IQD.
https://www.shafaq.com/en/Economy/Gold-gains-in-Baghdad-and-Erbil
Former Iraqi PM Warns Against OPEC Exit
2026-06-27 Shafaq News- Baghdad Former Iraqi Prime Minister Adel Abdul Mahdi on Saturday warned against any move to withdraw from OPEC, urging Baghdad instead to seek a larger oil production quota within the organization to strengthen its position in global energy markets.
OPEC was born in Iraq to regulate markets, promote fair competition, and protect the interests of both producers and consumers, Abdul Mahdi said, adding, "Let us secure our rights by strengthening the organization, not burying it."
He argued that leaving OPEC would ultimately harm Iraq despite allowing higher oil output. "We would produce more, others would follow, the market would become oversupplied, and prices and revenues would fall."
Last week, Oil Ministry spokesman Salim al-Rikabi and government sources suggestedIraq could reconsider its membership unless its production quota is raised to match its export capacity and fiscal needs. The Oil Ministry later dismissed reports of a possible withdrawal, reaffirming Iraq's commitment to OPEC and denying any intention to leave the organization.
Read more: No exit but Hormuz: Iraq's economic vulnerability exposed
https://www.shafaq.com/en/Economy/Former-Iraqi-PM-warns-against-OPEC-exit