Iraq Economic News And Points To Ponder Sunday Morning 3-27-26

Iraq Held 5.2% Of Global Oil Output In 2025

2026-03-  Shafaq News- Baghdad   Iraq ranked second among Arab oil producers in 2025 with a 5.2% share of global output, according to Visual Capitalist.

Saudi Arabia led with 11.26%, followed by the UAE (4.52%), Kuwait (3.05%), and Libya (1.61%). Qatar (1.55%), Algeria (1.35%), and Oman (1.18%) came next, followed by Egypt (0.60%), Bahrain (0.22%), and Syria (0.09%).

Sudan (0.04%), Tunisia (0.03%), and Yemen (0.02%) recorded the lowest shares, while the United States remained the world’s top producer with 16.08%.   https://www.shafaq.com/en/Economy/Iraq-held-5-2-of-global-oil-output-in-2025

Iraq Oil Exports To US Rise To 270,000 Bpd

2026-03-29 Shafaq News- Baghdad  Iraq’s oil exports to the United States rose to 270,000 barrels per day last week, according to the US Energy Information Administration (EIA), marking a sharp increase compared to the previous week.

US crude imports from eight major countries averaged 5.889 million barrels per day, down by 502,000 bpd from 6.391 million bpd a week earlier, the data showed.

Iraqi exports to the US increased by 157,000 bpd from 113,000 bpd in the prior week.

Canada remained the top crude supplier to the US at 3.927 million bpd, followed by Saudi Arabia at 605,000 bpd, Venezuela at 549,000 bpd, and Mexico with 227,000 bpd.

Imports from Brazil reached 164,000 bpd, Colombia 88,000 bpd, and Nigeria 59,000 bpd, while no imports were recorded from Ecuador or Libya.   https://www.shafaq.com/en/Economy/Iraq-oil-exports-to-US-rise-to-270-000-bpd

Iraq Accelerates Northern Export Pipeline Repairs Amid Hormuz Crisis

2026-03-28 Shafaq News- Saladin   Rehabilitation work on the northern export pipeline —part of the Iraq-Turkiye crude oil pipeline connecting Kirkuk to Ceyhan— is advancing around the clock in Saladin province, a senior official at the state-run Oil Projects Company confirmed on Saturday.

Work is ongoing in three daily shifts, 24 hours a day, the official told Shafaq News, with crews conducting hydrostatic testing on the main pipeline and the connected 32-node feeder line. "Completion rates are tracking the defined timetables," the official said, adding that any challenges and obstacles are being addressed immediately to keep work moving.

Hadeer Jaloub, assistant director general of geographic bodies at the company, visited Saladin province to inspect the project's final phases. The head of the Northern Projects Authority and site directors also attended a project management meeting to review progress.

The Iraq-Turkiye Crude Oil Pipeline runs approximately 970 kilometers from the Kirkuk fields in northern Iraq to the Mediterranean port of Ceyhan. The line has been largely idle since 2014 following repeated attacks by armed groups. As of 18 March, Iraq was pumping 250,000 barrels per day through the route after a Baghdad-Erbil agreement unlocked the northern corridor.

The push to complete rehabilitation comes as Iraq's southern export infrastructure has been effectively paralysed due to the ongoing US-Israel-Iran war and the closure of the Strait of Hormuz.

Oil officials said the Production from the country's main southern oilfields has fallen to approximately 800,000 barrels per day, down from 4.3 million barrels per day before the conflict. Storage tanks have reached critical capacity, and southern exports have come to a near-complete halt, with tankers unable to reach Iraq's Gulf terminals.

Oil Minister Hayan Abdul Ghani said on 9 March that the government is "studying several alternatives to ensure continued crude exports through more secure routes," confirming that domestic refineries across the southern, central, and northern regions are operating at full capacity to meet local demand. https://www.shafaq.com/en/Economy/Iraq-accelerates-northern-export-pipeline-repairs-amid-Hormuz-crisis

Dollar rises in Baghdad and Erbil markets

2026-03-29 Shafaq News- Baghdad/ Erbil  The US dollar opened Sunday’s trading higher in Iraq, hovering around 154,500 dinars per 100 dollars.

According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,500 dinars per 100 dollars, up from the previous session’s 154,450 dinars.

In the Iraqi capital, exchange shops sold the dollar at 155,000 dinars and bought it at 154,000 dinars, while in Erbil, selling prices stood at 154,450 dinars and buying prices at 154,350 dinars   https://www.shafaq.com/en/Economy/Dollar-rises-in-Baghdad-and-Erbil-markets-4

Gold prices steady in Baghdad, Erbil

2026-03-29 Shafaq News- Baghdad/ Erbil   On Sunday, gold prices held ground in Baghdad and Erbil markets, hovering near 980.000 IQD per mithqal, according to a survey by Shafaq News Agency.

Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 978.000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 974.000 IQD, unchanged from Saturday.

The selling price for 21-carat Iraqi gold stood at 948,000 IQD, while the buying price reached 944,000 IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 980,000 and 990,000 IQD, while Iraqi gold sold for between 950,000 and 960,000 IQD.

In Erbil, 22-carat gold was sold at 1,050,000 IQD per mithqal, 21-carat gold at 1,002,000 IQD, and 18-carat gold at 859,000 IQD.  https://www.shafaq.com/en/Economy/Gold-prices-steady-in-Baghdad-Erbil-0-9

Expert: War Exacerbates Iraq's Financial Crises And Threatens Salaries And The Economy

 {Economy: Al-Furat News} Economic expert Salah Nouri warned on Saturday that the war waged by the United States and Israel against Iran has clear repercussions on the global economic situation, further complicating the financial situation in Iraq.

Nouri told Al-Furat News Agency that: “Iraq faces major challenges before the outbreak of any war, due to the failure to approve budgets and the financial liquidity crisis, in addition to the size of internal and external debts and the obligations of interest and repayment, in light of the weak possibility of exporting crude oil in accordance with the general budgets.”

He added, "These external and internal circumstances are exacerbating the financial deficit and directly impacting the payment of salaries to current employees and retirees, as well as pushing the economy toward recession." Nouri emphasized that "the solutions offered by the executive branch to address these challenges are still unclear." LINK‍ ‍Raghid