Iraq Economic News and Points To Ponder Tuesday Evening 6-23-26
Iraq Purchases $17M In Kuwaiti Non-Oil Goods
2026-06-22 Shafaq News- Baghdad Iraq ranked fifth among the largest importers of Kuwaiti non-oil goods in March 2026, with imports valued at 5.24 million Kuwaiti dinars (about $17.1M), according to data released by Kuwait's Central Statistical Bureau. The figures showed that Saudi Arabia topped the list of importers of Kuwaiti non-oil products, with imports worth 26.52 million Kuwaiti dinars (about $86.6M).
It was followed by United Arab Emirates at 17.14 million dinars (about $56.0M), Jordan at 7.51 million dinars (about $24.5M), and India at 7.47 million dinars (about $24.4M).
Kuwait recorded a trade surplus of 1.768 billion Kuwaiti dinars (about $5.77B) during the first quarter of 2026, a 30.6% decline compared with the same period in 2025, amid decreases in exports, imports, and overall trade volume.
https://www.shafaq.com/en/Economy/Iraq-purchases-17M-in-Kuwaiti-non-oil-goods
Dollar Falls In Baghdad, Erbil Markets
2026-06-23 Shafaq News- Baghdad/ Erbil The US dollar closed Tuesday’s trading lower in Iraq, hovering around 157,000 dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 157,000 dinars per 100 dollars, down from the morning session’s 157,250 dinars.
In the Iraqi capital, exchange shops sold the dollar at 157,500 dinars and bought it at 156,500 dinars, while in Erbil, selling prices stood at 156,800 dinars and buying prices at 156,750 dinars.
https://www.shafaq.com/en/Economy/Dollar-falls-in-Baghdad-Erbil-markets-5
Gold Prices Fall In Baghdad And Erbil
2026-06-23 Shafaq News- Baghdad/ Erbil Gold prices fell in Baghdad and Erbil on Tuesday, hovering around 900,000 IQD per mithqal, according to a Shafaq News market survey.
Wholesale prices on Baghdad's Al-Nahr Street recorded a selling price of 905,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 901,000 IQD, down from Monday's 922,000 IQD.
The selling price for 21-carat Iraqi gold stood at 875,000 IQD, with a buying price of 871,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 905,000 and 915,000 IQD, while Iraqi gold sold for between 875,000 and 885,000 IQD, with variation subject to craftsmanship fees and store location.
In Erbil, 22-carat gold was sold at 957,000 IQD per mithqal, 21-carat gold at 915,000 IQD, and 18-carat gold at 783,000 IQD.
https://www.shafaq.com/en/Economy/Gold-prices-fall-in-Baghdad-and-Erbil-3
Oil Ministry: We Aim to Increase Production to 4.3 Million Barrels per Day
Iraqi News Agency INA – Baghdad - 6/22/2026 The Ministry of Oil affirmed on Sunday its commitment to increasing production to approximately 4.3 million barrels per day and working to boost oil exports.
The Undersecretary for Extraction Affairs, Nasir Aziz, stated in a statement received by the Iraqi News Agency (INA) that “one of his top priorities at this stage is overseeing plans to rehabilitate and develop the southern oil fields, whose production declined to varying degrees due to the Gulf War crisis, in line with domestic needs and oil export requirements.”
“I have directed the management of oil companies to reassess the conditions of the fields, expedite production and pumping operations, and address technical and operational obstacles, with the aim of increasing oil exports through the southern ports and ensuring the continued supply of crude oil to national refineries,” he said.
The Undersecretary affirmed that initial plans aim to gradually restore national production to pre-crisis levels, estimated at between 4.2 and 4.3 million barrels per day, while also working to increase oil exports—particularly through the southern ports—to their previous levels of nearly 3.5 million barrels per day, depending on the readiness of the fields and facilities, as well as pumping, storage, and export plans.
“The Ministry is relying on national efforts, in cooperation with international contracting companies, to restore production capacities that declined during the crisis and to gradually increase production over an appropriate period until the targeted levels are reached, despite the significant technical and logistical challenges facing the sector,” Aziz added.
“Among the priorities of the extraction sector are monitoring production at the North Oil Company and enhancing oil transportation operations from the southern fields, which will contribute to supporting oil exports through the Turkish port of Ceyhan and diversifying export outlets in line with the ministry's plans for sustainable production and maximizing national revenues, in addition to overseeing production operations in the central oil fields,” he stated.
“The extraction sector will pay special attention to exploration blocks and oil and gas fields and work to develop them in a manner that strengthens national reserves and increases production capacity. This also includes supporting associated and non-associated gas investment projects, given their strategic importance in securing the needs of the energy and industrial sectors and reducing reliance on imports,” he added.
Aziz emphasized his commitment to strengthening relations with oil companies operating in Iraq and providing an appropriate environment to support their activities.
He also stressed the importance of encouraging reputable investment companies to participate in developing the oil industry, in line with the ministry's plans to improve operational efficiency and expand investment opportunities in the extraction sector.
World Bank Ranks Iraq Among Top Gas-Flaring Countries
2026-06-23 Shafaq News- Washington Iraq ranked alongside Russia and Iran among the world's largest gas-flaring countries in 2025, with the three nations collectively burning about 84 billion cubic meters of gas, nearly half of all gas flared globally, the World Bank reported on Tuesday.
The Bank’s Global Gas Flaring Tracker found that the burned gas quantity rose for the third consecutive year, reaching 167 billion cubic meters, with an estimated market value of $54 billion. Iraq was among nine countries responsible for more than 80% the flaring.
Read more: Iraq's gas flaring paradox: a wealth of resources, a nation in need
The World Bank noted that capturing gas currently burned at oil fields could help strengthen energy security, expand electricity generation, support economic activity, and reduce emissions, adding that reducing flaring depends largely on stronger regulations, investment, infrastructure, and political commitment rather than technological limitations.
https://www.shafaq.com/en/Economy/World-Bank-ranks-Iraq-among-top-gas-flaring-countries
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Global Flaring Rises Three Years In A Row, Undermining Energy Security
Secure Access to Energy is Fundamental to Economic Growth and Job Creation
Washington, D.C., June 23—Global gas flaring rose for the third consecutive year, surging to 167 billion cubic meters (bcm) in 2025 and wasting an estimated $54 billion worth of gas. As many countries, especially the poorest, face energy shortages, capturing this wasted gas could strengthen energy security, generate power, support economic activity that’s key to job creation, and reduce emissions.
The annual Global Gas Flaring Tracker, released today by the World Bank Group, finds flaring volumes in 2025 nearly equal Africa's entire annual gas consumption and exceed annual LNG (liquefied natural gas) volumes transiting the Persian Gulf.
Nine countries, Russia, Iran, Iraq, Venezuela, Mexico, Libya, Algeria, Nigeria, and the United States, account for more than four-fifths of global flaring while accounting for nearly half of the world's oil production.
"At a time when many countries are struggling to increase affordable and reliable energy, the economic development costs of continued flaring are simply too high," said Demetrios Papathanasiou, World Bank Group Global Director for Energy. "The gas currently flared could be captured to power industries and businesses, create jobs, and strengthen energy security."
Many countries import costly gas while also flaring vast amounts of it at their oilfields. Eliminating routine flaring globally would require an estimated $70–100 billion, less than twice the annual value of the gas currently being wasted. Countries facing high import costs and domestic energy shortfalls stand to benefit from increased energy access, new gas revenues, and lower energy bills.
Yet despite the tools needed to end routine flaring being well established, it persists; what holds back progress is not technical but structural — inadequate regulation, insufficient capital, limited market infrastructure, and a failure by operators and governments to treat reduction as a priority.
Where effective policies and regulations, targeted investment, and leadership come together, flaring declines. Governments and operators that act decisively get results. For instance, Kazakhstan has reduced flaring by 87% since 2012, including a further 16% reduction in 2025 alone.
"The technologies, policies, regulations, and financing mechanisms needed to capture and utilize associated gas are available. What is missing, in too many places, is the leadership, prioritization, and governance needed to put these solutions into practice, creating access to markets and infrastructure." said Zubin Bamji, World Bank Manager for the Global Flaring and Methane Reduction (GFMR) Partnership.
“The cost of inaction will be measured in wasted billions in revenue and energy insecurity for millions of people.”
https://www.worldbank.org/en/news/press-release/2026/06/23/global-gas-flaring-rises-energy-security