Iraq Economic News and Points To Ponder Sunday Afternoon 7-19-26
US-Iran War Costs Iraq 300M+ Oil Barrels
2026-07-19 07:24 Shafaq News- Baghdad (Updated at 15:07) Iraq lost an estimated 302.8 million barrels of oil production during the first half of 2026 as the US-Iran war disrupted extraction and exports through the Strait of Hormuz, according to the Eco Iraq Observatory.
The watchdog placed total production at about 440.3 million barrels between January and June. Daily volumes remained above 4.1 million barrels during the first two months of the year before the conflict sharply reduced operations, with output falling to 1.906 million barrels per day in March, 1.633 million in April, and a low of 1.406 million in May. The figure edged up to 1.525 million barrels per day in June.
Read more: Iraq’s oil bottleneck: Abundance trapped by dependency
Iraq, OPEC’s second-largest producer, relies on crude sales for about 90% of state revenue, leaving its economy highly vulnerable to disruptions in the Strait of Hormuz, which carries roughly one-fifth of global oil supplies. In late March, economic expert Nabil Al-Marsoumi estimated that the country had cut output by around 2.9 million barrels per day, the steepest reduction among OPEC members.
Despite the disruption, shipping data from Kpler and Vortexa showed Iraq recorded the largest month-on-month increase in crude exports among Gulf producers during the first half of July, as Gulf countries’ crude and condensate shipments rose about 16% from the June average.
Read more: No exit but Hormuz: Iraq's economic vulnerability exposed
The United States and Iran exchanged fire for an eighth consecutive night, with Washington striking Iranian military infrastructure and Tehran claiming retaliatory drone operations against US installations in Kuwait.
Iran’s Islamic Revolutionary Guard Corps (IRGC) on Sunday reported intercepting two vessels in the Strait of Hormuz, while two others allegedly reversed course after receiving warnings. It accused all four ships of disabling their navigation systems and attempting to cross through “an unsafe route” with US backing.
Oil, gas, and chemical fertilizer cargoes would not be permitted to pass without Iranian authorization, the IRGC warned, maintaining that it controls the waterway and that vessels using unapproved routes could face “inevitable incidents.”
https://www.shafaq.com/en/Economy/US-Iran-war-costs-Iraq-300M-oil-barrels
US Records 3rd Straight Week Without Iraqi Oil Imports
2026-07-19 03:14 Shafaq News- Baghdad/ Washington The United States imported no crude oil from Iraq during the past week, US Energy Information Administration (EIA) data showed on Sunday, extending the absence of Iraqi shipments to a third consecutive week.
Iraqi crude imports averaged 71,000 barrels per day (bpd) in the week ending June 19 before falling to zero, where they remained in the latest figures.
Canada retained its position as the largest crude supplier to the US market with 3.873 million bpd, followed by Venezuela at 675,000 bpd, Mexico at 442,000 bpd, Colombia at 100,000 bpd, Ecuador at 00,000 bpd, Libya at 78,000 bpd, and Brazil at 64,000 bpd.
No crude imports from Saudi Arabia or Nigeria, alongside Iraq, were recorded.
https://www.shafaq.com/en/Economy/US-records-3rd-straight-week-without-Iraqi-oil-imports
Gold Prices Retreat In Baghdad And Erbil Markets
2026-07-19 05:00 Shafaq News- Baghdad/ Erbil On Sunday, gold prices hovered around 860,000 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 856,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 852,000 IQD. The same gold had sold for 862,000 IQD on Saturday.
The selling price for 21-carat Iraqi gold stood at 826,000 IQD, while the buying price reached 822,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 855,000 and 865,000 IQD, while Iraqi gold sold for between 825,000 and 835,000 IQD.
In Erbil, 22-carat gold was sold at 908,000 IQD per mithqal, 21-carat gold at 867,000 IQD, and 18-carat gold at 744,000 IQD.
https://www.shafaq.com/en/Economy/Gold-prices-retreat-in-Baghdad-and-Erbil-markets
Dollar Falls In Baghdad, Erbil Markets
2026-07-19 03:49 Shafaq News- Baghdad/ Erbil The US dollar opened Sunday’s trading lower in Iraq, hovering around 153,000 dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 152,600 dinars per 100 dollars, down from the previous session’s 153,250 dinars.
In the Iraqi capital, exchange shops sold the dollar at 153,000 dinars and bought it at 152,000 dinars, while in Erbil, selling prices stood at 152,450 dinars and buying prices at 152,350 dinars.
https://www.shafaq.com/en/Economy/Dollar-falls-in-Baghdad-Erbil-markets-5-0
Three Oil Tankers Load Six Million Barrels At Basra
2026-07-19 08:40 Shafaq News- Basra Three oil supertankers are loading six million barrels of Iraqi crude at Basra’s export terminals, a source at the General Company for Ports told Shafaq News on Sunday, although US-Iran clashes continue to disrupt Gulf shipping.
Each vessel is carrying two million barrels. Suriname Prosperity is expected to complete loading at an export berth on Sunday evening, while the Bahamas-flagged crude oil tanker is due to finish at the first single-point mooring, SPM1, on Monday. The Nissos Heraclea, sailing under the flag of LIBERIA, is scheduled to berth on Sunday and begin loading immediately.
Iraq had briefly suspended loading at the Basra terminal following a drone strike on a tanker on July 16. Operations later resumed, while shipping data showed only three commodity vessels crossed the Strait of Hormuz that day, the lowest daily total since May.
No very large crude carriers or liquefied natural gas tankers crossed the strait for a second consecutive day, although two tankers carrying about two million barrels each were tracked near the waterway.
Iraq normally exports about 3.6 million barrels per day, including around 3.4 million bpd through its southern Basra terminals, according to Iraqi Oil Ministry figures, before the US-Israeli war on Iran caused the sharpest oil-revenue decline among Gulf producers.
https://www.shafaq.com/en/Economy/Three-oil-tankers-load-six-million-barrels-at-Basra
Kuwait Condemns Iranian Strike On Power, Water Facility
2026-07-19 14:45 Shafaq News- Kuwait Kuwait held Iran fully responsible on Sunday for an attack on a power generation and water desalination plant, warning of the legal, moral, and security consequences of the strike.
In a statement, the Foreign Ministry noted that the repeated deliberate targeting of critical civilian infrastructure marks a dangerous escalation and poses a serious threat to civilian safety and security. “The strike is a violation of international law, international humanitarian law, the United Nations Charter, and UN Security Council Resolution 2817.”
Kuwait reserves the full right to take all necessary measures to protect its security, territory, and vital facilities against any aggression or threat, the ministry added, citing the right to self-defense under Article 51 of the UN Charter.
Earlier today, Kuwait's Ministry of Electricity said an Iranian assault on one of the country's power generation and water desalination plants for the second time in two days, sparking a fire and affecting a large number of electricity generation units.
https://www.shafaq.com/en/Middle-East/Kuwait-condemns-Iranian-strike-on-power-water-facility