Iraq Economic News And Points To Ponder Thursday Evening 5-14-26
Italy’s Eni Raises Iraq Oil And Gas Output In 2025
2026-05-13 Shafaq News- Basra Italian energy company Eni increased its oil and gas production in Iraq during 2025, producing around 11 million barrels of oil liquids and 30 billion cubic feet of natural gas —equivalent to 17 million barrels of oil equivalent— according to the company’s latest annual report.
The figure compares with 15 million barrels of oil equivalent in 2024 and 14 million in 2023.
Globally, Eni reported total production of 631 million barrels of oil equivalent in 2025, up from 625 million the previous year and 604 million in 2023, supported by a 7% annual increase in liquid hydrocarbon output.
Eni has operated in Iraq since 2009 and manages the Zubair oil field in Basra under technical service contracts with the Iraqi government. https://www.shafaq.com/en/Economy/Italy-s-Eni-raises-Iraq-oil-and-gas-output-in-2025
Oil Edges Up To ~$106 With Trump-Xi Talks Centering On Iran
2026-05-14 Shafaq News Oil prices rose on Thursday, with markets focusing on the high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping to see if it will yield any positive result on the Iran war, which has significantly disrupted global oil supply.
Aside from trade matters, Trump is expected to encourage China to convince Tehran to make a deal with Washington to end the conflict, but analysts doubt that Xi will be willing to push its long-time strategic partner too hard.
Brent crude futures were up 26 cents, or 0.25%, to $105.89 a barrel by 0250 GMT, while U.S. West Texas Intermediate futures rose 32 cents, or 0.32%, to $101.34.
Both benchmark oil futures contracts fell on Wednesday as investors worried about possible U.S. interest rate hikes as higher fuel prices spur inflationary pressures. Brent crude futures fell more than $2 a barrel, while WTI futures fell more than $1.
Trump received a grand welcome at Beijing's Great Hall of the People on Thursday ahead of talks with China's Xi Jinping set to cover their fragile trade truce, the Iran war and U.S. arms sales to Taiwan.
"Oil prices are in a wait-and-see mode," said ING analysts in a note on Thursday, adding that the market could be pinning too much hope on the U.S.-China talks yielding some positive results on Iran.
The Strait of Hormuz, a key energy gateway, has been largely shut since the war broke out at the end of February.
While Trump has said he did not think he would need China's help to end the war, the president is nonetheless expected to ask Xi for assistance in resolving the costly and unpopular conflict.
"Failure to make meaningful progress on reopening the strait could leave the US with few options other than renewed military action," IG analyst Tony Sycamore said in a note.
Iran, meanwhile, appears to have tightened its control over the strait, cutting deals with Iraq and Pakistan to ship oil and liquefied natural gas from the region.
A Chinese supertanker carrying two million barrels of Iraqi crude sailed through the Strait of Hormuz on Wednesday after being stranded in the Gulf for more than two months due to the U.S.-Iran war. It was only the third oil tanker to exit the strait since the war began. https://www.shafaq.com/en/Economy/Oil-edges-up-to-106-with-Trump-Xi-talks-centering-on-Iran
Gold Holds Firm As Markets Watch Trump-Xi Summit
2026-05-14Shafaq News Gold prices were steady on Thursday, as investors focused on talks between U.S. President Donald Trump and Chinese President Xi Jinping, and looked for signs of progress in the Iran war.
Spot gold was steady at $4,689.49 per ounce, as of 0602 GMT. U.S. gold futures for June delivery fell 0.2% at $4,696.40.
"Gold seems to be consolidating at the moment as everybody is looking at what's going to happen in the high-level talks between the U.S. and China," said GoldSilver Central Managing Director Brian Lan.
"(Gold) is a bit downward-biased and I think that is also a window for investors who are looking to come into the metal," Lan added.
Trump heads into a series of meetings with Xi in Beijing, aiming to secure economic wins, maintain a fragile trade truce and navigate thorny issues such as the Middle East conflict.
Trump is expected to seek China's help to resolve the costly and unpopular conflict, which he launched with Israel in late February, but analysts say he is unlikely to get the support he wants.
Data on Wednesday showed that U.S. producer prices posted their biggest increase in four years in April, boosted by soaring costs for goods and services, the latest sign of accelerating inflation.
The U.S. Senate approved Kevin Warsh as chair of the Federal Reserve as the U.S. central bank grapples with intensifying inflation that may make it hard to push through the interest-rate cuts that Trump has demanded.
Traders have largely priced out a Fed rate cut this year, with markets now seeing a 28% chance of a hike by December, according to CME Group's FedWatch tool.
While gold is considered a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal.
Meanwhile, gold discounts in India widened to a record of more than $200 an ounce on Wednesday, as a surge in prices after an import duty hike triggered investor selling in an already weak demand environment, bullion dealers told Reuters.
Spot silver fell 0.9% to $87.19 per ounce, platinum fell 0.2% to $2,133.35, and palladium was up 0.1% at $1,501.25.
(Reuters) https://www.shafaq.com/en/Economy/Gold-holds-firm-as-markets-watch-Trump-Xi-summit
Iraq’s Basrah Crude Falls Over 2% Despite Global Gains
2026-05-14Shafaq News- Basrah Iraq’s Basrah crude fell more than 2% on Thursday, diverging from gains in global oil markets. Basrah Medium crude declined to $107.85 per barrel, down 2.02%, while Basrah Heavy crude fell to $105.75 per barrel, losing 2.06%.
Brent crude futures rose 39 cents, or 0.37%, to $106.02 per barrel, while US West Texas Intermediate gained 51 cents, or 0.50%, to $101.53. OPEC’s basket price also climbed sharply to $115.09 per barrel, up $7.43, or 6.90%.
The gains in global benchmarks came as markets monitored the summit between US President Donald Trump and Chinese President Xi Jinping in Beijing for possible signals on the Iran war and disruptions in the Strait of Hormuz, while Iraqi crude moved against the broader upward trend. https://www.shafaq.com/en/Economy/Iraq-s-Basrah-crude-falls-over-2-despite-global-gains
Dollar Steady In Baghdad, Lower In Erbil
2026-05-14Shafaq News- Baghdad/ Erbil (Updated at 12:06) The US dollar opened Thursday's trading holding steady in Baghdad while slipping in Erbil, hovering around 154,000 dinars per 100 dollars.
According to Shafaq News market survey, the dollar stabilized in Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,800 dinars per 100 dollars, matching Wednesday's close.
In the Iraqi capital, exchange shops sold the dollar at 154,250 dinars and bought it at 153,250 dinars, while in Erbil, selling prices stood at 153,550 dinars and buying prices at 153,450 dinars.
Speaking to Shafaq News, Jabbar Goran, spokesperson for the currency market in al-Sulaymaniyah, Iraqi Kurdistan, expected the formation of Iraq’s new government to help lower the dollar exchange rate against the dinar in local markets, citing anticipated “US support” that could positively affect the financial market.
Goran predicted the exchange rate could fall below 150,000 dinars per 100 dollars in the coming period if regional conditions stabilize. He added that the gap between the official exchange rate of 132,000 dinars and the market rate should normally remain within 12,000 to 13,000 dinars. https://www.shafaq.com/en/Economy/Dollar-steady-in-Baghdad-lower-in-Erbil
Gold Prices Fall In Baghdad, Rise In Erbil
2026-05-14Shafaq News- Baghdad/ Erbil On Thursday, gold prices dipped in Baghdad while edging higher in Erbil, hovering around the million-dinar mark, according to a Shafaq News market survey.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 1.012 million IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1.008 million IQD. The same gold had sold for 1.015 million IQD on Wednesday.
The selling price for 21-carat Iraqi gold stood at 982,000 IQD, with a buying price of 978,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1.015 million and 1.025 million IQD, while Iraqi gold sold for between 985,000 and 995,000 IQD.
In Erbil, prices moved in the opposite direction, with 22-carat gold selling at 1.050 million IQD per mithqal, 21-carat at 1.003 million IQD, and 18-carat at 860,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-fall-in-Baghdad-rise-in-Erbil-2
Food Prices Continue Climbing In Iraqi Markets
2026-05-14Shafaq News- Baghdad Agricultural and meat prices rose across Iraq in 2025, with increases recorded in wheat, rice, red meat, dates, and several fruit and vegetable products, Iraq’s Statistics and Geographic Information Systems Authority reported on Thursday.
According to a review by Shafaq News, field crop prices recorded noticeable increases, with wheat rising 4.9% to 510 Iraqi dinars (about $0.33) per kilogram, rice increasing 4.4% to 940 dinars (about $0.61), and barley climbing 3.8% to 436 dinars (about $0.28) per kilogram. Okra prices rose by 3.6%, while tomatoes increased by 1.9%.
In the fruit sector, lemon prices increased by 3% to 3,034 dinars (about $1.97) per kilogram, while pomegranate and peach prices rose by 0.8% and 0.7%, respectively. Prices of other products, including apples and olives, declined. Date prices also increased, with Barhi dates rising 3% to 2,032 dinars (about $1.32) per kilogram and Maktoum dates increasing 3.2% to 1,755 dinars (about $1.14).
Data also revealed that red meat prices continued to climb, with lamb prices rising by 3.2% and beef by 3.1%, while chicken prices fell by 7.2% to 2,900 dinars (about $1.89) per kilogram.
Iraq’s agricultural sector has faced mounting pressure in recent years from inflation, currency fluctuations, rising production costs, and dependence on imports, while farmers have also complained about delayed government payments for strategic crops such as wheat and barley, adding further strain to domestic food production and market stability.
Read more: Iraq's farmers fed the state. Now they're waiting to be paid.
https://www.shafaq.com/en/Economy/Food-prices-continue-climbing-in-Iraqi-markets