Iraq Economic News And Points To Ponder Thursday Evening 4-30-26
US Extends Deadline For Lukoil Asset Sales To May 30
2026-04-30 Shafaq News- Baghdad/ Washington The US Treasury Department extended the deadline for energy companies to finalize deals to acquire foreign assets owned by Russian Lukoil to May 30, 2026, from an earlier May 1 cutoff.
According to a statement from the department, the United States has imposed strict conditions on the sales, barring the Russian side from receiving any direct payments, with proceeds instead held in frozen accounts under US supervision to prevent their use in financing the war effort.
The extension marks the fifth since sanctions were imposed last October. The move forms part of US pressure on Moscow over the war in Ukraine, with sanctions forcing Lukoil, Russia’s second-largest oil producer, to divest its international portfolio, estimated at $22 billion.
Lukoil operates the West Qurna-2 field in Basra, one of Iraq’s largest oil fields, under a contract with the Oil Ministry. Development began after 2010, with production starting in 2014. The field holds substantial reserves and produces between 400,000 and 470,000 barrels per day, making it a key contributor to Iraq’s oil revenues and export capacity.
Read more: Russia’s Lukoil turmoil deepens risks for Iraq’s West Qurna-2 oilfield
https://www.shafaq.com/en/Economy/US-extends-deadline-for-Lukoil-asset-sales-to-May-30
Oil Jumps On US Military Option Against Iran
2026-04-30 Shafaq News Oil prices rose on Thursday on a report the U.S. is considering potential military action against Iran to break the deadlock in negotiations to end the war, increasing concerns of more supply disruptions to already curtailed Middle East exports.
Brent crude futures for June rose $5.27, or 4.5%, to $123.30 a barrel as of 0347 GMT after gaining 6.1% in the previous session. The June contract, which has increased for a ninth day, expires on Thursday and the more active July contract was at $113.10, up $2.66, or 2.4%, after gaining 5.8% in the previous session.
U.S. West Texas Intermediate futures for June were up $2.42, or 2.3%, at $109.30 a barrel, after climbing 7% in the previous session, climbing in eight of nine sessions.
Both benchmarks are on track for their fourth month of gains.
U.S. President Donald Trump is slated to receive a briefing on Thursday on plans for a series of military strikes on Iran in hopes it will return to negotiations on its nuclear programme, according to an Axios report late on Wednesday.
The U.S. and Israel began air strikes on Iran on February 28 and it retaliated by closing off almost all shipping through the Strait of Hormuz, a chokepoint for energy supplies fromMiddle Eastern producers. Amid a ceasefire that has paused active combat, the U.S. has imposed a blockade on Iranian ports.
Talks to resolve the conflict, which has killed thousands and caused what analysts say is the world's biggest energy disruption ever, have deadlocked, with the U.S. insisting on discussing Iran's alleged nuclear weapons programme and Iran demanding some control over the strait and reparations for damage from the war.
"The oil market has moved from over-optimism to the reality of the supply disruption we are seeing in the Persian Gulf," said ING analysts in a note.
In a sign the conflict and resulting energy supply disruptions are set to continue for longer, Trump spoke on Wednesday with oil companies about how to mitigate the impact of a possiblemonths-long U.S. blockade, a White House official said.
"Prospects for any near-term resolution to the Iran conflict or a reopening of the Strait of Hormuz remain dim," IG market analyst Tony Sycamore said in a note.
The OPEC+ grouping of members ofthe Organization of the Petroleum Exporting Countries and its allies is likely to agree a small increase of around 188,000 barrels per day in oil output quotas on Sunday, sources told Reuters on Wednesday.
The meeting comes just after the United Arab Emirates' withdrawal from OPEC, effective May 1, which is expected to deal a blow to the oil producer group's ability to control prices. Although the Gulf nation's exit would allow it to raise production after exports restart, analysts say that is unlikely to affect market fundamentals this year, especially with the Hormuz closure and other production disruptions from the war.
"Gulf countries, including the UAE, will take months to return to pre-war production volumes," Wood Mackenzie analysts said in a note. (REUTERS) https://www.shafaq.com/en/Economy/Oil-jumps-on-US-military-option-against-Iran
Basrah Crudes Surge Despite Global Losses
2026-04-30 Shafaq News- Basrah Iraq’s Basrah crude jumped nearly 12% on Thursday, even as global oil markets declined.
Basrah Heavy crude climbed by $14.44 to $135.33 per barrel, while Basrah Medium crude rose by $14.44 to settle at $137.43 per barrel. Brent crude futures fell $2.05, or 1.7%, to $115.98 a barrel as of 1016 GMT.
https://www.shafaq.com/en/Economy/Basrah-crudes-surge-despite-global-losses
Iraq Imports From Turkiye Fall To $659 Million In March
2026-04-30 Shafaq News- Ankara Iraq ranked eighth among Turkiye’s top importers with $659 million worth of goods in March, down from $774 million in February, the Turkish Statistical Institute (TURKSTAT) stated on Thursday.
Germany ranked first with imports valued at $1.82 billion, followed by the United Kingdom at $1.419 billion, the United States at $1.378 billion, Italy at $1.216 billion, France at $995 million, Spain at $846 million, and Romania at $802 million.
Exported goods included manufactured products, as well as agriculture, forestry, fishing, mining, and quarrying, which together accounted for 94% of Turkiye’s total exports.
https://www.shafaq.com/en/Economy/Iraq-imports-from-Turkiye-fall-to-659-million-in-March
