Iraq Economic News and Points To Ponder Wednesday Evening 1-14-26
Basrah Crudes Rise Despite Global Decline
2026-01-14 Shafaq News– Basrah On Wednesday, Iraq’s Basrah crude edged up with a drop in global oil prices.
Basrah Heavy crude increased by $1.17 to $59.07 per barrel, and Basrah Medium crude by $1.17 further reaching $61.62 per barrel.
Brent crude futures fell 9 cents, or 0.14%, to $65.38 a barrel. West Texas Intermediate (WTI) crude futures dropped 12 cents, or 0.2%, to $61.03. https://www.shafaq.com/en/Economy/Basrah-crudes-rise-despite-global-decline-4-5
US Oil Prices Fall More Than $1 As Trump’s Comments Ease Iran Tension Fears
2026-01-14 Shafaq News US oil prices fell more than $1 in early Asian trade on Thursday after US President Donald Trump said killings in Iran's crackdown on nationwide protests were subsiding, easing fears of supply disruptions and possible military action against Iran.
US West Texas Intermediate crude futures were trading at $60.78 a barrel at 2322 GMT, down $1.24, or 2%, from the previous day's close.
WTI had settled more than 1% higher on Wednesday, then gave back most of those gains after Trump's remarks reduced concerns over a potential US attack on Iran and supply disruptions.
(Reuters) Only the headline is edited by Shafaq News. https://www.shafaq.com/en/Economy/US-oil-prices-fall-more-than-1-as-Trump-s-comments-ease-Iran-tension-fears
Iran Orders Temporary Closure Of National Airspace
2026-01-14 Shafaq News- Tehran Iran issued a Notice to Airmen (NOTAM) on Wednesday ordering the temporary closure of its airspace to all flights, while allowing international flights to and from the country that have obtained prior authorization.
The notice stated that the closure would remain in effect for “slightly more than two hours,” without providing an official explanation for the decision or indicating whether the measure could be extended.
This move followed a heightened regional tensions, as several European countries, including Italy, Poland, Germany, and Spain, urged their citizens to leave Iran.
Earlier, Reuters cited European officials on Wednesday, saying that US military intervention against Iran could occur within the next 24 hours. https://www.shafaq.com/en/Middle-East/Iran-orders-temporary-closure-of-national-airspace
The Central Organization For Standardization Announces The Implementation Of A Plan To Transition From Traditional To Electronic Oversight.
The Central Organization for Standardization and Quality Control (COSQC) revealed on Wednesday a plan to transition from traditional to digital oversight, explaining that this digital transformation will streamline procedures and enhance transparency. The organization also emphasized its commitment to building an integrated system for monitoring the operations of local companies and pre-inspection procedures.
Fayyad al-Dulaimi, head of COSQC, stated that "the organization has a plan to transition from traditional to digital (electronic) oversight, in addition to adopting participatory community oversight, particularly regarding market monitoring and all matters falling outside the organization's traditional scope of work."
Al-Dulaimi explained that "the agency seeks to build an integrated system known as the monitoring and control room, to follow up on the work of local companies and pre-inspection procedures, in order to ensure the accuracy of information and analysis and sound decision-making in monitoring goods and merchandise in terms of quantity, quality, origin, and degree of conformity or non-conformity, which provides a real vision for controlling this file, and will reflect positively on the country’s economy in the future through the accuracy of procedures and ensuring the prevention of the entry of non-conforming goods."
He pointed out that "digital transformation contributes to simplifying procedures and enhancing transparency," noting that "unifying systems reduces errors."
He explained that "any digital transformation project is based on two fundamental aspects: the first is material, represented by providing the infrastructure, and the second is training personnel on digital systems and devices in a manner that suits the nature of the central agency's work."
He affirmed that "the foundations and plans have been laid, and implementation has begun with the first step: establishing the operations room and equipping it with the devices and systems that meet the requirements of the government program."
Al-Dulaimi stated that "the main objective of digital transformation is to ensure citizen security by verifying that goods and products conform to approved specifications, thus achieving public health and safety."
He indicated that "the agency has developed plans to enhance five service areas encompassing more than 28 sub-services. We have started with two services, and the remaining three are scheduled for completion by 2026. These include selling specifications electronically, providing remote goods inspection services, electronic payment, remote patent services, and electronic revenue collection."
He stressed that “traditional oversight will gradually be transformed into electronic oversight, which will be reflected in the speed of completing transactions,” noting that “all these services will be available through the official websites of the Central Agency,” indicating that “the Agency has started with the first steps, and they will be officially announced within the next two months.” https://economy-news.net/content.php?id=64594
The US Deficit Decreased By Approximately $22.8 Billion During The Third Quarter.
The US current account deficit recorded a notable decline during the third quarter of 2025, affected by the application of tariffs on imports, along with an increase in primary revenues.
The U.S. Commerce Department's Bureau of Economic Analysis reported Wednesday that the current account deficit, which reflects the movement of goods, services, and investments to and from the United States, fell by $22.8 billion, or 9.2%, in the third quarter to $226.4 billion, its lowest level since the third quarter of 2023, according to Reuters
.These figures came in below the expectations of economists surveyed by Reuters, who predicted the deficit would fall to around $238.4 billion. The report's release was delayed due to the 43-day government shutdown.
The deficit reached 2.9% of GDP, the lowest level since the first quarter of 2020, compared to 3.3% in the second quarter.
The deficit peaked at 6.3% in the third quarter of 2006. The sweeping tariffs imposed by US President Donald Trump reduced import flows, helping to narrow the trade deficit.
Imports of goods declined.
Imports of goods declined by $5 billion to $815.4 billion in the third quarter, due to a decrease in consumer goods imports, while gold imports increased. Imports of services also rose by approximately $3.1 billion to reach $225 billion.
Conversely, merchandise exports fell by $1.9 billion to $548 billion, impacted by declining gold prices, despite increases in capital and consumer goods exports. Meanwhile, service exports rose by approximately $11.7 billion to reach $314.2 billion.
The merchandise trade deficit narrowed to $267.4 billion, compared to $270.4 billion in the previous quarter.
On the revenue side, core revenue increased by $16.3 billion to $395.2 billion, supported by increased returns on direct investment, while core revenue payments increased by $5.3 billion to $390 billion.
Secondary revenues also declined by $2 billion to $44.4 billion, while secondary revenue payments decreased by about $2.1 billion to $97.9 billion, as a result of a decline in general government transfers. https://economy-news.net/content.php?id=64595
Washington Allocates $700 Billion To Buy Greenland
NBC News reported that the United States might pay $700 billion to purchase Greenland if President Donald Trump succeeds in finalizing the deal.
Citing sources familiar with the planning within the Trump administration, the network indicated that "experts, scientists, and former U.S. officials have been involved in assessing the price of Greenland," noting that "acquiring the island is essential for the United States to create a strategic buffer zone in the Arctic against America's main rivals" (Russia and China).
Trump has repeatedly stated the need for Greenland to join the United States. During his first term as president, he proposed purchasing Greenland, and in March 2025, he expressed confidence in its annexation.
In a related matter, former White House Deputy Chief of Staff Stephen Miller questioned Denmark's right to control the island and stated that it should become part of the United States. Later, Trump stated that Greenland's defense consists of "two teams."
He suggested that Russia or China could "take" the island if the United States does not.
Greenland is currently a self-governing territory of Denmark. In 1951, Washington and Copenhagen signed a treaty to protect Greenland in addition to their alliance obligations under NATO. https://economy-news.net/content.php?id=64591