Iraq Economic News and Points To Ponder Sunday Morning 7-5-26
Basra Oil Company orders full production at major oil fields
2026-07-04 06:49 Shafaq News- Basra Basra Oil Company has instructed operators at three of Iraq's largest oil fields to restore production and crude exports to full available capacity.
According to an official document, the directive, signed by Operations Director Imad Hassan Lafta, covers the North Rumaila, West Qurna 1, and Artawi oil fields, as well as the Tuba field, which is operated under the South Basra Integrated Division.
Production and pumping operations to the company's storage facilities resumed at normal capacity from 8:00 p.m. on Friday, in line with operational requirements and production plans.
The move comes as optimism grows over improving stability in energy supply chains through the Strait of Hormuz and the Gulf region, amid diplomatic efforts aimed at easing regional tensions and safeguarding international shipping routes.
Read more: Iraq’s oil bottleneck: Abundance trapped by dependency
https://www.shafaq.com/en/Economy/Basra-Oil-Company-orders-full-production-at-major-oil-fields
June 2026 OPEC Output Leaped 3M+ Bpd
2026-07-04 07:53 Shafaq News- Vienna/ Baghdad OPEC oil production rose to 19.34 million barrels per day (bpd) in June, up 3.3 million bpd from the previous month, as Gulf producers restored supplies after disruptions from the effective closure of the Strait of Hormuz, a Reuters survey found on Saturday.
Kuwait and Iran recorded the largest production gains during the month, while Saudi Arabia, Iraq, Nigeria, and Libya also increased crude supplies. The rebound lifted OPEC's output from its lowest monthly level since at least 2000. Even so, production remained well below the group's target level of more than 25 million bpd.
Earlier this week, S&P Global Commodity Insights reported that around 8.3 million barrels of Iraqi crude remain stranded in the strategic maritime gateway, awaiting shipment.
Iraq, OPEC's second-largest producer, exports about 95% of its crude through southern terminals, leaving it particularly vulnerable to disruptions in Gulf shipping. Eco Iraq, an economic affairs observatory, estimated that the closure of Hormuz, which carries around 20% of global oil supplies, had cost the country about 350 million barrels in lost exports by June 20, equivalent to roughly $37.7 billion in revenue.
The Strait of Hormuz has remained largely closed since Feb. 28 after Iran restricted maritime traffic in response to the US-Israeli war. Washington and Tehran later agreed to resume shipping under a memorandum signed in Switzerland on June 17.
Read more: No exit but Hormuz: Iraq's economic vulnerability exposed
https://www.shafaq.com/en/Economy/June-2026-OPEC-output-leaped-3M-bpd
Tanker Influx Floods Iraq’s Basra Oil Export Terminals
2026-07-04 10:26 Shafaq News- Basra Iraq’s Basra oil terminal is preparing for an increase in tanker arrivals, hours after the docking of the vessel “Kuwait Prosperity,” a source at the State Company for Iraqi Ports told Shafaq News on Saturday.
The Barbados Prosperity, a giant crude carrier, will load 2 million barrels of Iraqi oil. Two additional tankers are also expected to reach Iraqi waters in the coming hours after transiting the Strait of Hormuz, en route to Basra’s export terminals.
“Shipping and loading operations are continuing without disruption, in line with planned schedules,” the source noted.
Earlier this week, S&P Global Commodity Insights reported that around 8.3 million barrels of Iraqi crude remain stranded at the strategic maritime gateway, pending shipment.
Iraq, OPEC’s second-largest producer, exports about 95% of its crude through southern terminals, leaving it particularly exposed to disruptions in Gulf shipping. Eco Iraq, an economic affairs observatory, estimated that the closure of the Strait of Hormuz, which carries around 20% of global oil supplies, has cost the country about 350 million barrels in lost exports by June 20, equivalent to roughly $37.7 billion in revenue.
The Strait of Hormuz has remained largely closed since Feb. 28 after Iran restricted maritime traffic in response to the US-Israeli war. Washington and Tehran later reached an understanding to resume shipping under a memorandum signed in Switzerland on June 17.
Read more: No exit but Hormuz: Iraq's economic vulnerability exposed
https://www.shafaq.com/en/Economy/Tanker-influx-floods-Iraq-s-Basra-oil-export-terminals
Iran Exports $214.7M In Goods To Iraq Through Mehran
2026-07-04 12:38 Shafaq News- Tehran Iran exported 609,000 metric tons of goods worth $214.7 million to Iraq through the Mehran border crossing during the first quarter of the current Iranian year, which began on March 21, up 17% from a year earlier.
Cited by Iranian Mehr news agency on Saturday, AIlam Customs Director Sohrab Kamari said exports to Iraq included agricultural products, construction materials such as tiles, ceramics, glass, reinforcing steel, and building stone, as well as cement clinker, iron ore, PVC pipes, and live fish, attributing the increase of demand for construction materials and agricultural products.
Kamari also pointed to a sharp increase in international transit activity through the Mehran crossing, with 31,967 metric tons of transit goods passing through the border point, up 54% year-on-year. The number of transit trucks rose by 476% to 5,991, compared with the corresponding period last year.
https://www.shafaq.com/en/Economy/Iran-exports-214-7M-in-goods-to-Iraq-through-Mehran
Wall Street Journal: Cryptocurrencies Are A Weapon For Tehran And Moscow To Bypass Sanctions
Money and business Economy News - Follow-up Iran, Russia, North Korea and other countries targeted by Western sanctions have doubled their use of virtual currencies to evade U.S. pressure.
According to a newspaper report based on data from crypto flow tracking companies, the three countries and other countries targeted by sanctions dealt with about $100 billion worth of cryptocurrencies in 2025 alone.
According to the Wall Street Journal, the aforementioned increase is equivalent to eight times the volume of transactions witnessed in 2024, noting that Iran, Russia, North Korea and other countries targeted by sanctions have become more sophisticated in how they deal with the cryptocurrency market and the creation of their own digital tokens and cryptocurrency trading platforms to circumvent sanctions.
Western officials and crypto analysis companies said Iran and Russia used cryptocurrencies to buy drones and spare parts for weapons.
Russia has also used these currencies to pay the salaries of seafarers who smuggle its sanctioned crude oil around the world. North Korea used cryptocurrencies to buy fuel and military equipment, according to a report published by the Wall Street Journal titled: “How do rogue countries use cryptocurrencies to evade sanctions?”
The use of cryptocurrencies allows these countries to bypass traditional banks, which play a pivotal role in monitoring sanctions imposed on them by the United States and other Western parties.
Denial and criticism
Western officials accuse Pyongyang of stealing cryptocurrencies through “cybercrimes,” accusations Pyongyang called “absurd slanders” and considered the allegations an extension of Washington’s hostile policy against it.
Kremlin spokesman Dmitry Peskov said Russia considered international sanctions illegal under international law, noting that Moscow had “published and developed alternative mechanisms that allow the economy to function normally.”
The Wall Street Journal said Tehran had not responded to a request for comment.
American action and sanctions
According to the newspaper’s report, Western authorities are struggling to keep up with the situation as digital currencies become increasingly popular in evading sanctions. Although the United States has temporarily suspended sanctions on Iranian oil as it negotiates a possible peace deal with Tehran, it still considers sanctions a key tool to pressure adversaries around the world.
Washington is keeping the option of reimposing sanctions on Iranian oil if the two sides do not reach a peace deal that would end their conflict.
In June, Washington imposed sanctions on four Iranian cryptocurrency trading platforms, including Nobitex, the country’s largest trading platform.
U.S. Treasury Secretary Scott Pissant said the United States had seized a billion dollars in Iranian cryptocurrencies. Nubitex and another sanctioned platform, BitBen, denied facilitating any illegal activities and said their customers were private, while the other two platforms did not respond to requests for comment.
In the UK, authorities in May blacklisted one of the world’s largest cryptocurrency exchanges on suspicion of supporting the Russian government. The platform, HTX, said it would work with authorities to address any concerns.
Resolute control of this market is almost impossible, as a large part of the sector is unregulated and transactions are carried out without revealing the identity of the owners, making it complicated to track