Iraq Economic News and Points To Ponder Sunday Afternoon 7-25-26
US Imports No Iraqi Crude For Fourth Straight Week
2026-07-26 02:34 Shafaq News- Baghdad/ Washington Iraq, OPEC's second-largest oil producer, recorded no crude oil exports to the United States for the fourth consecutive week, according to data released Sunday by the US Energy Information Administration (EIA).
US imports of Iraqi crude remained at zero in the week ending July 17, after averaging 71,000 barrels per day (bpd) in the week ending June 19, before halting over the following four weeks.
Canada remained the largest crude supplier to the United States with 3.635 million bpd, followed by Venezuela at 688,000 bpd and Mexico at 480,000 bpd.
The United States also imported 242,000 bpd from Brazil, 141,000 bpd from Colombia, 103,000 bpd from Ecuador, and 8,000 bpd from Libya. No crude imports were recorded from Saudi Arabia and Nigeria during the reporting week.
https://www.shafaq.com/en/Economy/US-imports-no-Iraqi-crude-for-fourth-straight-week
Iraq Pushes To Expand Exports Through Turkish Pipeline
2026-07-25 15:47 Shafaq News- Baghdad An Iraqi government delegation held talks in Turkiye on expanding crude oil exports through the Iraq-Turkiye pipeline, a government source told Shafaq News on Saturday.
The delegation was headed by Deputy Oil Minister for Extraction Affairs Nasser Aziz and included State Organization for Marketing of Oil (SOMO) Director General Nizar Al-Shatri, North Oil Company Director General Faisal Hamadi Ramadan, and senior officials from the ministry's legal, economic, and internal audit departments.
According to the source, discussions with Turkiye's Ministry of Energy and Natural Resources focused on the Iraq-Turkiye Pipeline Agreement, increasing the pipeline's export capacity beyond previous levels, and strengthening security along the route from Kirkuk to the Turkish port of Ceyhan.
The proposed increase is intended to offset the impact of regional security developments that have disrupted Iraqi crude exports and weighed on government revenues, the source said.
The talks preceded an expected visit by Iraqi Prime Minister Ali Al-Zaidi to Turkiye, where the two countries are expected to discuss a range of bilateral agreements, including cooperation in the energy sector.
Earlier this month, Oil Minister Bassem Khudair said Baghdad was accelerating plans to build a pipeline linking Iraqi oil fields to Mediterranean ports in Turkiye and Syria. Last week, the state-run North Oil Company (NOC) announced it had completed the technical and engineering preparations required to resume crude pumping from Kirkuk to the Turkish port of Ceyhan, saying the system was ready to begin operations.
Read more: Preparatory studies begin on Kirkuk-Baniyas pipeline rehabilitation
https://www.shafaq.com/en/Economy/Iraq-pushes-to-expand-exports-through-Turkish-pipeline
Dollar Declines In Baghdad, Erbil Markets
2026-07-26 04:15 Shafaq News- Baghdad/ Erbil The US dollar opened Sunday’s trading lower 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 149,650 dinars per 100 dollars, down from the previous session’s 150,500 dinars.
In the Iraqi capital, exchange shops sold the dollar at 150,000 dinars and bought it at 149,000 dinars, while in Erbil, selling prices stood at 150,150 dinars and buying prices at 150,050 dinars.
https://www.shafaq.com/en/Economy/Dollar-declines-in-Baghdad-Erbil-markets-2-6
Gold Prices Fall In Baghdad And Erbil
2026-07-26 04:43 Shafaq News- Baghdad/ Erbil On Sunday, gold prices hovered around 850,000 IQD per mithqal in Baghdad and Erbil markets, according to Shafaq News market survey.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 852,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 848,000 IQD. The same gold had sold for 856,000 IQD on Saturday.
The selling price for 21-carat Iraqi gold stood at 822,000 IQD, with a buying price of 818,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 850,000 and 860,000 IQD, while Iraqi gold sold for between 820,000 and 830,000 IQD.
In Erbil, 22-carat gold was sold at 894,000 IQD per mithqal, 21-carat gold at 855,000 IQD, and 18-carat gold at 732,000 IQD.
https://www.shafaq.com/en/Economy/Gold-prices-fall-in-Baghdad-and-Erbil-5-7
Syria Launches Major Highway Restoration Plan
2026-07-26 08:00 Shafaq News- Damascus Syria is moving ahead with plans to rehabilitate several major highways to modernize its network and strengthen domestic and cross-border connectivity, the head of the General Establishment for Road Transport said on Sunday.
Director General Moaz Najjar said the projects will facilitate the movement of goods and agricultural and industrial products between Syrian provinces, reduce obstacles to land transport, and lower shipping costs. He added that upgrading the road corridors will increase transit traffic with neighboring countries, boosting regional and domestic trade while enhancing competitiveness.
Najjar said Jordan, Turkiye, Iraq, and the Gulf States will be among the main regional beneficiaries of the scheme, noting that the Nassib-Aleppo highway forms part of the international M45 corridor linking the Jordanian and Turkish borders.
According to Najjar, work on the Nassib-Damascus highway is expected to take about 400 days, while work on the Damascus-Homs, Homs-Aleppo, and Saraqib-Idlib road plan is projected to last around 500 days each. The rehabilitation and expansion of the Damascus-Palmyra and Palmyra-Deir ez-Zor highways is expected to take approximately 900 days.
Regarding commercial transport routes, he pointed out that the General Establishment for Road Transport is updating the economic feasibility studies for the North-South and East-West route projects ahead of their implementation as toll roads under the build-operate-transfer (BOT) model, aiming to improve commercial transport infrastructure and enhance freight movement across Syria.
https://www.shafaq.com/en/Economy/Syria-launches-major-highway-restoration-plan
ISX Turnover Jumps 240% In Weekly Trade
2026-07-26 08:22 Shafaq News- Baghdad Trading activity on the Iraq Stock Exchange (ISX) surged last week, with the value of traded shares rising 240.21% and trading volume climbing 256.45% from the previous week, while the benchmark ISX60 index gained 2.04%.
According to the exchange's weekly report, trading took place over five sessions involving 72 listed companies. Shares of 21 companies were not traded because buy and sell orders failed to match, while 10 companies remained suspended for failing to meet disclosure requirements.
A total of 93.98 billion shares, worth 47.99 billion Iraqi dinars (about $36.6 million), were traded in 5,782 transactions, compared with 26.36 billion shares, valued at 14.10 billion dinars (about $10.8 million), a week earlier. The ISX60 closed the week at 1,044.25 points.
Foreign investors bought 23.36 million shares worth 133.7 million dinars (about $102,000) in 93 transactions, while selling 14.67 billion shares valued at 20.69 billion dinars (about $15.8 million) through 150 transactions.
The Iraq Stock Exchange lists 103 companies across sectors including banking, telecommunications, industry, agriculture, tourism, services, investment and insurance.
https://www.shafaq.com/en/Economy/ISX-turnover-jumps-240-in-weekly-trade
Iraq Seeks 10 GW Regional Power Imports Under New GE Deal
2026-07-26 10:20 Shafaq News- Baghdad Iraq's new agreement with GE Vernova requires the US energy company to secure 10,000 megawatts of electricity imports from neighbouring countries by 2027, a member of parliament's Electricity and Energy Committee revealed to Shafaq News on Sunday.
The committee hosted Electricity Minister Ali Saadi Waheeb yesterday to discuss the country's worsening power shortages, including Baghdad's latest agreement with GE.
Committee member Riyadh Adday noted that lawmakers questioned the minister about the new contract, noting that Iraq has maintained agreements with the company since 2008 “without achieving tangible results.”
According to Adday, the minister said the latest agreement differs from previous contracts and includes a condition requiring GE to arrange the supply of 10 GW of electricity to Iraq from countries across the region by next year.
During the parliamentary session, Waheeb also said completing cross-border electricity interconnection projects and reducing transmission and distribution losses would help increase available generation and improve power supply.
Since 2023, GE has promoted plans to expand Iraq's electricity production by capturing associated gas that is currently flared. The company has previously said its mobile gas turbine technology could generate up to 10 GW of electricity if all associated gas burned in Iraq were utilised.
Read more: Iraq's gas flaring paradox
Power cuts have long been one of Iraq's public grievances, with summer temperatures frequently exceeding 50°C and millions of households relying on private generators to compensate for limited state electricity.
According to the Electricity Ministry, peak summer demand has surpassed 60,000 megawatts, while available generation remains nearly 40,000 megawatts short, a deficit the ministry attributes to illegal grid connections and reduced natural gas supplies following the regional conflict and disruptions linked to the closure of the Strait of Hormuz.
Read more: Beyond 50°C: How decades of conflict are heating Iraq
https://www.shafaq.com/en/Economy/Iraq-seeks-10-GW-regional-power-imports-under-new-GE-deal