Iraq Economic News and Points To Ponder Thursday Evening 7-9-26
IMF Sees Iraq Contraction Before 2027 Rebound
2026-07-09 11:04 Shafaq News- Baghdad Middle East and Central Asia growth is projected to fall to 0.7% in 2026 before rebounding to 6.5% in 2027, with Iraq among the commodity producers expected to contract sharply this year, the International Monetary Fund said.
In its July World Economic Outlook update, the IMF grouped Iraq with Kuwait and Qatar as the producers most affected by disruptions to energy output and transport, linking the downturn to a longer closure of the Strait of Hormuz than it assumed in April.
The Fund cut this year’s regional forecast by 1.2 percentage points and raised next year’s by 1.9 points, reflecting a deeper short-term hit and a larger expected rebound.
Saudi Arabia is expected to be less affected because of more diversified export routes, with growth projected at 1.7% in 2026 and 5.5% in 2027.
Globally, the IMF projected growth at 3.0% in 2026 and 3.4% in 2027, saying the outlook remains uneven and exposed to developments in the Middle East. https://www.shafaq.com/en/Economy/IMF-sees-Iraq-contraction-before-2027-rebound
Iraq detains Rafidain Bank officials over $1.22M fraud
2026-07-09 17:08 Shafaq News- Al-Diwaniyah A joint force from Iraq's Federal Commission of Integrity and a SWAT unit arrested several Rafidain Bank officials in the southern province of Al-Diwaniyah on Thursday over a suspected currency manipulation operation that authorities believe resulted in the embezzlement of about 1.6 billion Iraqi dinars ($1.22M), a source told Shafaq News.
The investigation uncovered the fraudulent replacement of banknotes originally denominated at 50,000 Iraqi dinars ($38.15) with 1,000-dinar notes, enabling the theft.
Authorities are continuing efforts to identify all those involved and recover the stolen funds.
https://www.shafaq.com/en/Economy/Iraq-detains-Rafidain-Bank-officials-over-1-22M-fraud
Iraq Signs Hamrin Oil Field Development Deal With US Firm
2026-07-09 08:16 Shafaq News- Baghdad Iraq’s state-owned North Oil Company (NOC) signed a contract on Thursday with US-based HKN Energy to develop the Hamrin oil field spanning Kirkuk and Saladin provinces, with peak crude production projected at 140,000 barrels.
Oil Minister Basim Mohammed Khudair Al-Abadi said the agreement supports the government’s strategy to maximize investment in the country’s oil and gas resources, meet domestic energy demand, and increase exports, noting that the project is also expected to produce 40 million cubic feet of associated gas per day (MMcf/d), which will supply the field’s operational needs, while surplus volumes will be reinjected to maintain reservoir pressure instead of being flared.
Al-Abadi also stressed the government’s efforts to attract major international energy companies, particularly from the United States and Europe, under internationally recognized standards. The project, he added, would generate jobs for Iraqi workers and create opportunities for local companies.
“The Ministry will provide support to the company, and signing the contract is a message to all international companies that the domestic investment environment is an attractive environment for investment.”
Hamrin is one of northern Iraq’s largest undeveloped oil fields. The Oil Ministry signed a memorandum of understanding with HKN Energy in mid-2025 to develop the field, initially targeting production of about 60,000 barrels per day while capturing associated gas for power generation.
https://www.shafaq.com/en/Economy/Iraq-signs-Hamrin-oil-field-development-deal-with-US-firm
Basrah Crudes Rise Following US Strikes On Iran
2026-07-09 02:30 Shafaq News- Basrah Iraq's Basrah crude rose more than 8% on Thursday, tracking gains in global oil prices after US strikes on Iran, according to oil price data reviewed by Shafaq News.
Basrah Heavy crude rose 8.49% to $49.22 per barrel, while Basrah Medium crude gained 8.11% to $51.32 per barrel.
Brent crude futures rose 86 cents, or 1.1%, to $78.88 a barrel by 0352 GMT, while US West Texas Intermediate crude futures gained 85 cents, or 1.2%, to $74.37 a barrel.
OPEC's basket also rose to $72.36 per barrel, while UAE's Murban crude gained 6.67% to $73.57 per barrel.
https://www.shafaq.com/en/Economy/Basrah-crudes-rise-following-US-strikes-on-Iran
Iran: US Attack Targeted Strategic Bridge Within Trade Route With China
Arab and International Economy News - Follow-up Iran’s Fars news agency reported on Thursday that nighttime U.S. attacks targeted a railway bridge in northern Iran, damaging an important trade link with China and Russia.
The agency said that this route, which passes through Turkmenistan and Kazakhstan, is an important land route to China, and its importance increased during the US blockade imposed this year on Iran's ports in the Gulf, while the agency "Maher" that the volume of Chinese shipments through this route has been increased three times.
According to Iranian agencies, Russia has also been using this route to transport goods to Iran since Late 2025.
The agency pointed out that "it is expected that the repairs of the bridge will be completed quickly.
Earlier today, the Iranian Revolutionary Guards confirmed that the United States launched a cruise missile attack this morning on the railway bridge "Ak Tiki Khan", a strategic part of the China-Turkmenistan-Iran railway corridor, located in the Akkala region of the northern border province of Golstan. The Revolutionary Guards vowed an "overwhelming" response to the attack.
Local authorities said the attack did not result in any injuries https://www.economy-news.net/content.php?id=71175
Revolutionary Guards Navy: Any US Intervention In Determining The Course Of Navigation In Hormuz Will Be Met With A "Decisive Response"
Arab and InternationalEconomy News - Follow-up Iran’s Revolutionary Guards Navy on Thursday threatened a “decisive response” if the United States intervened to determine the routes in the Strait of Hormuz.
The Navy said in a statement: The adventures of the US military will present the interests of the countries benefiting from the Strait of Hormuz to serious danger, and will seriously impede the gradual reopening of the Strait of Hormuz.
“Foreigners have no interest in the Strait of Hormuz
Iranian media reported on Thursday that explosions were heard in the coastal areas in the south of the country, while the Jordanian armed forces announced the response to Iranian missiles, while the Israeli authorities decided to close the airports after detecting air threats.
Iran's Mehr news agency said the explosions were in the territorial waters off the city of Bandar Abbas, and air defenses had been activated in the city.
Iranian state television reported the fall of a U.S. missile that targeted the vicinity of the Bushehr nuclear plant.
In addition, the Jordanian armed forces announced the shooting down of 8 missiles fired from Iran towards the Kingdom, stressing the readiness of its forces to deal with any threat to the country.
In turn, the Israeli authorities decided to close the airports after air threats were detected, and rockets penetrated Jordanian airspace adjacent to Israel https://www.economy-news.net/content.php?id=71173