Iraq Economic News and Points To Ponder Thursday Afternoon 1-29-26
Iraq Ranks Among World’s Top Countries For Proven Natural Gas Reserves In 2025
2026-01-29 06:24 Shafaq News Iraq holds 125 trillion cubic feet of proven natural gas reserves, placing it 11th globally in 2025, according to the Energy Institute and the Statistical Review of World Energy.
The data, released on Thursday, showed that Russia topped the list with 1,321 trillion cubic feet, followed by Iran with 1,133 trillion, and Qatar in third place with 871 trillion cubic feet. Turkmenistan ranked fourth with 480 trillion, while the United States came fifth with 446 trillion cubic feet.
China placed sixth with 297 trillion cubic feet, followed by Venezuela (221 trillion), Saudi Arabia (213 trillion), the United Arab Emirates (210 trillion), and Nigeria (193 trillion).
Iraq ranked 11th, ahead of Azerbaijan (88 trillion), Australia (84 trillion), Canada (83 trillion), and Algeria (81 trillion).
Oil Hits Four-Month Peak Following US-Iran Tension
2026-01-29 Shafaq News Oil prices rose more than 1.5% in Asian trade, extending gains for a third day on Thursday, on increasing concerns the U.S. may carry out a military attack on key Middle Eastern producer Iran that could disrupt supply from the region.
Brent crude futures rose 99 cents, or 1.5%, to $69.39 a barrel. U.S. West Texas Intermediate crude climbed $1.06, or 1.7%, to $64.27 a barrel.
Both contracts have climbed about 5% since Monday and are at their highest since September 29.
Prices are rising as U.S. President Donald Trump has increased pressure on Iran to end its nuclear programme with threats of military strikes and as a U.S. naval group has arrived in the region. Iran is the fourth-largest producer among the Organization of the Petroleum Exporting Countries with output of 3.2 million barrels per day.
Trump is considering options to attack Iranian security forces and leaders to inspire protests to potentially topple the current regime, Reuters reported on Thursday, citing U.S. sources familiar with the discussions.
"Despite the Fed holding rates steady and a mild rebound in the US Dollar Index, oil prices remained resilient as escalating US-Iran tensions continued to underpin the supply-risk narrative," said Phillip Nova's senior market analyst Priyanka Sachdeva.
The Federal Reserve held interest rates steady on Wednesday amid signs of a healthy U.S. economy. Lower interest rates typically make it cheaper for consumers to buy oil, encouraging demand and supporting prices.
"Prices also found support from weather-related production losses in parts of the US, alongside a surprise draw in US crude inventories, which temporarily eased concerns of excess supply," Sachdeva added.
An unexpected drop in crude stockpiles in the U.S., the world's biggest oil consumer, also supported prices.
U.S. crude inventories fell by 2.3 million barrels to 423.8 million barrels in the week ended January 23, the Energy Information Administration said on Wednesday, compared with analysts' expectations in a Reuters poll for a 1.8 million-barrel rise.
Some analysts were still forecasting higher prices for the next few months due to geopolitical risk premiums.
"The potential for Iran getting hit has escalated the geopolitical premium of oil prices by potentially $3 to $4 (per barrel)," analysts at Citi said in a note on Wednesday.
They added that further geopolitical escalation could push prices to as high as $72 a barrel for Brent.
(Reuters) https://www.shafaq.com/en/Economy/Oil-hits-four-month-peak-following-US-Iran-tension
Basrah Crudes Rise With A Global Surge
2026-01-29 Shafaq News– Basrah Basra crude prices recorded gains of around 3% on Thursday, moving along the broader trend in global oil markets.
Basra Heavy crude rose by $2.09, or 3.47%, to $62.25 per barrel, while Basra Medium crude increased by $2.09, or 3.34%, to settle at $64.70 per barrel.
In international markets, Brent crude futures rose 99 cents, or 1.5%, to $69.39 a barrel. US West Texas Intermediate crude (WTI) climbed $1.06, or 1.7%, to $64.27 a barrel.https://www.shafaq.com/en/Economy/Basrah-crudes-rise-with-a-global-surge-9-7
Gold Prices Rise In Baghdad And Erbil Markets
2026-01-29 Shafaq News– Baghdad/ Erbil On Thursday, gold prices hovered around 1.11 million IQD per mithqal in Baghdad and Erbil markets, continuing their upward trend, according to a survey by Shafaq News Agency.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 1,171,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1,167,000 IQD. The same gold had sold for 1,141,000 IQD on Wednesday.
The selling price for 21-carat Iraqi gold stood at 1,141,000 IQD, with a buying price of 1,137,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1,170,000 and 1,180,000 IQD, while Iraqi gold sold for between 1,140,000 and 1,150,000 IQD.
In Erbil, 22-carat gold was sold at 1,235,000 IQD per mithqal, 21-carat gold at 1,180,000 IQD, and 18-carat gold at 1,010,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-and-Erbil-markets-2
Gold Nears $5,600 Milestone
2026-01-29 Shafaq News Gold extended its blistering rally on Thursday to hit a record just shy of $5,600 an ounce, as investors sought safety amid geopolitical and economic uncertainties, while silver came within a whisker of breaching $120.
Spot gold shot up 2.6% to $5,538.69 an ounce by 0349 GMT, after hitting a record $5,591.61 earlier in the day.
"Growing U.S. debt and uncertainty created by signs that the global trade system is splintering into regional blocs as opposed to a U.S.-centric model (are leading investors to pile into gold)," said Marex analyst Edward Meir.
The yellow metal jumped past the $5,000 mark for the first time on Monday and has gained more than 10% so far this week, driven by a cocktail of factors including strong safe‑haven demand, firm central bank buying and a weaker dollar.
"Gold is no longer just a crisis hedge or an inflation hedge; it is increasingly viewed as a neutral, and a reliable store of value asset that also provides diversification across a wider range of macro regimes," OCBC analysts said in a note.
Gold has gained more than 27% this year following a 64% jump in 2025.
"Although the parabolic nature of the rally suggests a pullback is not far away, the underlying fundamentals are expected to remain supportive throughout 2026, positioning any dips as attractive buying opportunities," IG market analyst Tony Sycamore said.
In geopolitical news, U.S. President Donald Trump urged Iran on Wednesday to come to the table and strike a deal on nuclear weapons. He warned that any future U.S. attack would be far more severe than the one last year when Iranian nuclear sites were struck.
Tehran responded with a threat to strike back against the U.S., Israel and those who support them.
Meanwhile, the Federal Reserve decided to leave rates unchanged on Wednesday, as widely expected. Fed Chair Jerome Powell said inflation in December was likely still well above the central bank's 2% target.
On Thursday, the precious metal also drew support from crypto group’s plans to allocate 10%–15% of its investment portfolio to physical gold.
Meanwhile, with elevated gold prices, customers have been cramming into stores in Shanghai and Hong Kong that sell the precious metal, with some betting it could rise even further.
Elsewhere, spot silver was up 0.6% at $117.30 an ounce after hitting a record high of $119.34 earlier. Demand from investors looking for cheaper alternatives to gold, along with supply shortages and momentum buying, helped the white metal, which has jumped more than 60% so far this year.
"The silver market is forecast to deliver yet another deficit this year, but the real market tightness stems from the reduced availability of above-ground stocks," analysts at Standard Chartered said in a note.
Spot platinum rose 1.6% to $2,739.48 an ounce, after hitting a record high of $2,918.80 on Monday, while palladium fell 1.3% to $2,047.0. (Reuters) https://www.shafaq.com/en/Economy/Gold-nears-5-600-milestone
Dollar Opens Weak In Baghdad, Erbil
2026-01-29 Shafaq News– Baghdad/ Erbil The US dollar opened Thursday’s trading at a lower rate in Baghdad and Erbil, falling by 3,100 Iraqi dinars compared with the previous session.
According to a Shafaq News market survey, the dollar traded in Baghdad at 149,900 Iraqi dinars per 100 dollars, after closing at 153,000 dinars in the previous session at the Al-Kifah and Al-Harithiya exchanges.
Local exchange shops in the capital sold the dollar at 150,500 dinars per 100 dollars, while buying prices stood at 149,500 dinars.
In Erbil, the selling price reached 150,350 dinars for every 100 dollars, and the buying price was 150,100. https://www.shafaq.com/en/Economy/Dollar-opens-weak-in-Baghdad-Erbil
The Dollar Falls After Trump's Remarks, Boosting The Euro, Yen, And Pound.
Money and Business Economy News — Follow-up The dollar faced a "confidence crisis" as it moved near four-year lows on Wednesday after President Donald Trump ignored its recent decline, triggering a sell-off of the U.S. currency and a rise in the yen, euro and pound sterling.
The euro broke above $1.20 for the first time since 2021 and then fell back slightly during the session to $1.2015, while the pound sterling approached its highest level since 2021, reaching $1.3823 in early Asian trading.
The dollar index, which measures the performance of the US currency against six major currencies, stood at 95.964 after falling more than 1% in the previous session when it hit a four-year low of 95.566.
Trump said on Tuesday that the dollar was "fantastic" when asked if he thought it had fallen too low. Traders interpreted his comments as a signal to sell the currency aggressively.
Trump's comments were not entirely new, but they came at a time when the dollar was under pressure as traders braced for a possible coordinated intervention by U.S. and Japanese authorities to stabilize the yen.
Kyle Rodda, senior market analyst at Capital.com, said: "This shows a crisis of confidence in the US dollar and it appears that as long as the Trump administration sticks to its erratic trade, foreign and economic policies, this weakness may continue."
The dollar fell more than 9% in 2025 and started the new year on a downward trend, having already declined by about 2.3% in January amid Trump’s erratic approach to trade and international diplomacy, concerns about the independence of the Federal Reserve (the US central bank), and massive increases in public spending that have worried investors.
"The weakness of the dollar is at odds with other strong fundamentals," said Roda. "The U.S. economy is still excellent, and the dollar should reflect that. But it isn't because of Trump's approach."
Investors will be focused on the Federal Reserve's monetary policy decision later today.
The Japanese yen received further support from dollar selling, reaching 152.60 against the US currency after rising more than 1% in the previous session. It is hovering near its highest level in three months due to talk of increased US and Japanese exchange rate scrutiny, which is often seen as a prelude to official intervention.
The Australian dollar rose to US$0.70225, its highest level since February 2023, amid widespread weakness in the US currency and after data showed consumer price inflation rose at a faster annual pace in the final quarter of last year, supporting expectations that the Reserve Bank of Australia will raise interest rates in the near term. https://economy-news.net/content.php?id=65060