Iraq Economic News and Points To Ponder Sunday Afternoon 8-23-26
US Imports 6K Bpd Of Iraqi Crude After Seven-Week Gap
2026-08-23 Shafaq News- Baghdad/ Washington US crude oil imports from Iraq resumed at 6,000 barrels per day (bpd) after seven consecutive weeks at zero, according to the latest US Energy Information Administration (EIA) data. The week ending August 14 marked the first Iraqi crude shipments to the United States since late June, well below the 71,000 bpd recorded in the week ending June 19.
Canada led US crude suppliers at 3.806 million bpd, followed by Venezuela at 730,000, Brazil at 336,000, Mexico at 295,000, and Ecuador at 200,000. Libya supplied 26,000 bpd, Saudi Arabia 9,000, and Iraq 6,000, placing Baghdad eighth among countries with nonzero shipments.
The seven-week halt coincided with severe disruption to Iraq’s oil exports following the closure of the Strait of Hormuz, through which most of the country’s southern crude had previously been shipped.
Iraq, OPEC's second-largest producer, averaged 179,000 bpd in US-bound shipments in 2025. The halt reflects disruption to Iraq's export routes since the closure of the Strait of Hormuz on February 28, 2026, through which Iraq previously routed roughly 90% of its crude. https://www.shafaq.com/en/Economy/US-imports-6K-bpd-of-Iraqi-crude-after-seven-week-gap
Dollar Falls Against Dinar In Baghdad And Erbil
2026-08-23 Shafaq News- Baghdad/ Erbil The US dollar fell against the Iraqi dinar on Sunday, hovering around 154,000 dinars per $100 in Baghdad and Erbil, the capital of the Kurdistan Region.
At the Al-Kifah and Al-Harithiya exchanges in Baghdad, the dollar traded at 154,100 dinars per $100, down from 154,300 dinars on Saturday, according to a Shafaq News market survey.
In Baghdad's local exchange shops, the selling price reached 154,500 dinars per $100, while the buying price stood at 153,500 dinars.
Rates eased in Erbil as well, where the dollar sold at 153,900 dinars per $100 and was bought at 153,850 dinars.
https://www.shafaq.com/en/Economy/Dollar-falls-against-dinar-in-Baghdad-and-Erbil-6
Gold Prices Stabilize In Baghdad, Decline In Erbil
2026-08-23 Shafaq News- Baghdad/ Erbil On Sunday, gold prices hovered around 1 million IQD per mithqal in Baghdad and Erbil markets, according to Shafaq News Agency market survey.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 1,006,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1,002,000 IQD. The same gold had sold for 1,006,000 IQD on Saturday.
The selling price for 21-carat Iraqi gold stood at 976,000 IQD, with a buying price of 972,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1,005,000 and 1,015,000 IQD, while Iraqi gold sold for between 975,000 and 985,000 IQD.
In Erbil, 22-carat gold was sold at 1,035,000 IQD per mithqal, 21-carat gold at 988,000 IQD, and 18-carat gold at 847,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-stabilize-in-Baghdad-decline-in-Erbil-9
Dollar Approaches 200,000 Tomans In Iran
2026-08-23 Shafaq News- Tehran The US dollar neared 200,000 tomans in Iran's free market on Sunday, setting a new record as strong demand for foreign currency and concerns over fresh US sanctions pushed the Iranian rial to another low.
The dollar traded at around 198,000 tomans, according to Iran's gold and currency information network, TGJU. Other free-market listings put the selling price close to 197,950 tomans, compared with roughly 195,950 tomans for buying. The dollar started the week at around 189,700 tomans, rising about 4.4% in less than seven days.
The dollar had fallen to around 153,000 tomans on June 17 after Tehran and Washington reached a preliminary understanding to end nearly six months of war. It has since recovered much of that decline, surpassing 191,000 tomans in July.
US President Donald Trump on Thursday launched a new push to isolate Iran economically, describing it as the “most crushing economic operation ever taken against any country.”
One toman = 10 Iranian rials. https://www.shafaq.com/en/Economy/Dollar-touches-200-000-tomans-in-Iran
French Exports To Iraq Reach $105M+ In Q2 2026
2026-08-23 Shafaq News- Baghdad/ Paris French exports to Iraq rose 35.9% in the second quarter of 2026 to $106 million, according to data from the International Trade Centre’s Trade Map.
Exports increased by $28 million from $78 million in the first quarter, with pharmaceuticals recording the largest gain among major product categories. French pharmaceutical exports reached $27 million in the April-June period, compared with $2.9 million in the first quarter, an increase of $24.1 million.
Exports of essential oils, resinoids, perfumes, cosmetics and personal care products also climbed to $14 million, from $6.3 million in the previous quarter. Shipments of preparations made from cereals, flour, starch or milk, including pastry products, totaled $12 million during the second quarter.
Exports of electrical machinery, equipment and parts, however, fell to $9.9 million from $14 million in the first quarter.
Meanwhile, exports of machinery and mechanical appliances advanced to $9.8 million, compared with $6.5 million in the previous quarter. Exports of optical, medical and measuring instruments also jumped to $9.4 million, from $2.6 million in the first quarter.
Other French exports to Iraq included $4 million worth of dairy products, eggs, honey and other food products of animal origin. Exports of beverages, spirits and vinegar amounted to $3.4 million, while vehicles, parts and accessories accounted for $3.1 million.
Miscellaneous chemical products contributed a further $1.8 million to French exports to Iraq during the second quarter, the data showed. https://www.shafaq.com/en/Economy/French-exports-to-Iraq-reach-105M-in-Q2-2026
Oil Ministry To Represent Iraq At Gastech 2026
2026-08-23 Shafaq News- Baghdad Iraq will participate in the Gastech 2026 exhibition in Bangkok next month, with Deputy Oil Minister for Gas Affairs Ezat Saber Esmaeel attending at the invitation of US energy technology company Baker Hughes, a source from the ministry told Shafaq News on Sunday.
The source said the event, “the world’s largest exhibition for natural gas and liquefied natural gas (LNG)”, is expected to draw more than 50,000 energy industry participants and over 1,000 exhibiting companies from 150 countries.
The ministry views such events as an opportunity to adopt the latest gas production technologies, reduce emissions, advance digital transformation in the energy sector, and keep pace with changes in the global gas market, according to the source.
Iraq remains one of the world’s largest gas-flaring countries. A World Bank report released in June 2026 ranked Iraq alongside Russia and Iran among the biggest contributors to global gas flaring in 2025. The data showed that the three countries collectively flared about 84 billion cubic meters of gas, accounting for nearly half of the global total.
Read more: Iraq's gas flaring paradox: a wealth of resources, a nation in need
https://www.shafaq.com/en/Economy/Oil-Ministry-to-represent-Iraq-at-Gastech-2026
2026 GDP Ranking Places Iraq 76th Globally
2026-08-22 Shafaq News- Baghdad Iraq ranked 76th among the world’s poorest countries in 2026, with gross domestic product (GDP) per capita based on purchasing power parity (PPP) at $15,359.6, according to Global Finance magazine.
Burundi ranked as the world’s poorest country, with GDP-PPP per capita of $994.23, followed by the Central African Republic at $1,437.72 and South Sudan at $1,467.19.
At the other end of the ranking, Singapore recorded the highest GDP-PPP per capita at $164,317.89, followed by Luxembourg at $152,966.48 and Ireland at $152,632.06.
In April, the International Monetary Fund (IMF) ranked Iraq fifth among Arab economies in 2026, with GDP at PPP of $739.1 billion. https://www.shafaq.com/en/Economy/2026-GDP-ranking-places-Iraq-76th-globally