Thursday Iraq News Posted by Tishwash at TNT 6-25-2026
TNT:
Tishwash: The Central Bank Governor emphasizes to the US Chargé d'Affaires the importance of implementing the banking reform plan
Central Bank Governor Nizar Nasser Hussein stressed to the US Chargé d'Affaires Joshua Harris on Wednesday the importance of implementing the banking reform plan.
The media office of the governor of the Central Bank stated in a statement received by the Iraqi News Agency (INA) that “the Governor of the Central Bank of Iraq, Nizar Nasser Hussein, received the Chargé d'Affaires of the US Embassy in Iraq, Joshua Harris, who congratulated the Governor on assuming the position.”
He added that "during the meeting, prospects for strengthening the strategic partnership and common issues between the two countries were discussed, and the importance of supporting monetary and economic stability was emphasized, in line with the requirements of political and security stability in Iraq."
According to the statement, Harris affirmed "the United States' keenness to strengthen its relations with Iraq, and to support everything that would consolidate stability and keep the country away from any factors that might contribute to destabilizing its situation."
He praised "the significant reform developments undertaken by the Central Bank of Iraq, and the distinguished and productive relations it has with the US Treasury Department and the Federal Reserve."
For his part, the governor expressed his "appreciation for the relationship between the Central Bank of Iraq and the United States of America," explaining "the importance of implementing the banking reform plan and working to adapt it to achieve the interests of the Iraqi banking sector, in accordance with international standards related to foreign transfer operations, and regulating the sale of dollars according to the best practices required towards the banking sector."
At the conclusion of the meeting, Harris expressed "full readiness to continue supporting the efforts of the Central Bank of Iraq, enabling it to achieve its goals in promoting financial and monetary stability link
Tishwash: Iraq-U.S. Ties to Shift from Military Cooperation to Economic Partnership, PM Says
Al-Zaidi added that Iraq's relationship with the United States is entering a new phase, saying, "The relationship with the United States will shift from a military one to an economic partnership."
Iraqi Prime Minister Ali al-Zaidi said on Wednesday that relations between Iraq and the United States are set to transition from a military-focused partnership to one centered on economic cooperation, while emphasizing his government's commitment to combating corruption and strengthening state authority.
Speaking to IMI, al-Zaidi said that fighting corruption remains his top priority.
"Combating corruption is at the top of my priorities," the prime minister stated.
Al-Zaidi added that Iraq's relationship with the United States is entering a new phase, saying, "The relationship with the United States will shift from a military one to an economic partnership."
He also noted progress in efforts to consolidate state control over weapons, stating that "most factions have already begun handing over their weapons to the state."
Addressing Iraq's energy sector, al-Zaidi said Baghdad wants the Organization of the Petroleum Exporting Countries to increase Iraq's oil production quota in line with the country's production capabilities and population size.
"We want OPEC to increase our oil production in line with Iraq's oil capabilities and population size," he said.
The prime minister further stated that the complete withdrawal of U.S. forces from Iraq would eliminate the rationale for armed resistance groups operating in the country.
"After the withdrawal of all U.S. forces, there will be no justification or need for any resistance in Iraq," al-Zaidi said.
Al-Zaidi is scheduled to visit Washington, D.C. in mid-July for talks with U.S. President Donald Trump at the White House. The visit will mark his first official trip abroad since assuming office in May. link
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Tishwash: International oil companies resume operations in the Kurdistan Region's oil fields.
The spokesman for the Kurdistan Regional Government, Peshwa Hawrami, announced on Wednesday (June 24, 2026) that oil companies have begun resuming their production operations in the region's fields according to a specific timetable.
Hawrami explained that the companies “HKN” and “Gulf Keystone” have already started production, while the companies “DNO” and “Hunt Oil” will join them successively in the coming days, after completing the rehabilitation of the oil sites damaged by previous attacks to ensure the continuity of production in a safe manner.
The official spokesperson stated in a statement received by Network 964 that “Regarding the resumption of oil companies’ operations in the Kurdistan Region, HKN has resumed its production at a rate of 7,000 barrels per day, and will resume production in the Atrush field next Sunday. As for the Leshkan field, Gulf Keystone has started production today, while DNO will resume its production in the Tawk and Fishkhabur fields next Friday.”
He added that Hunt Oil would resume its operations on July 8.
He added that “these companies have suffered serious damage as a result of previous attacks targeting oil fields, which necessitated the temporary cessation of work by some of them to rehabilitate and renovate the damaged sites, a measure that was necessary to ensure the safe continuation of production.” link
Tishwash: Iraq is considering withdrawing from OPEC and is moving towards increasing its oil exports independently.
Government sources revealed on Wednesday that Iraq is considering a proposal to increase its oil exports outside of OPEC regulations to compensate for the shortfall that occurred during the war.
Sources told Shafaq News Agency that "Iraq is studying the repercussions and consequences of exceeding the oil production ceiling set by OPEC due to the oversupply of crude oil and the impact of this on the buying and selling price."
She added, "If OPEC rejects Iraq's proposals to raise the production ceiling, similar to some of its member states, it may resort to withdrawing from OPEC, thus providing it with sufficient space to raise the production and marketing ceiling."
She added that "the proposal to increase production or withdraw from OPEC may be realized after Prime Minister Ali al-Zaidi's visit to Washington in the middle of next month."
Earlier today, Basra Oil Company directed the suspension of pumping and reduction of production at the West Qurna/2 field, due to the continued state of "force majeure ".
A document issued by the company, which was received by Shafaq News Agency, stated that due to the continued state of force majeure in the region and the unavailability of tankers, please stop pumping by (100%) and reduce production to (50) thousand barrels and store it in your tanks, starting from 12 pm yesterday, corresponding to June 23rd .
This comes at a time when Iraqi oil prices recorded a sharp decline during trading on Wednesday, as Basra Heavy crude fell by 4.09% to $45.78 per barrel, while Basra Medium crude fell by 3.91% to $47.88, coinciding with a decline in crude prices in global markets .
Brent crude fell 0.71% to $76.53 a barrel, while US West Texas Intermediate crude fell by the same percentage to $72.69 a barrel, and UAE Murban crude dropped 1.64% to $69.63 .
An official source in the state-owned North Oil Company revealed earlier on Wednesday that the preparation and readiness of the Iraqi-Turkish pipeline extending from Kirkuk to the Turkish port of Ceyhan has been completed, confirming that trial pumping through the pipeline will begin within two weeks in preparation for resuming exports in a stable manner .
Iraq had asked Turkey to extend the Kirkuk-Ceyhan oil pipeline agreement for at least a year, in a move aimed at giving both sides more time to negotiate a new agreement regulating oil exports through this vital route.
Iran had lifted the de facto blockade of the strait last week after agreeing with the United States to extend the ceasefire for 60 days, before the Iranian Revolutionary Guard announced on Saturday that it was closing the waterway again in response to Israeli strikes in Lebanon, while the US military confirmed that commercial ships continued to operate link
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Tishwash: Saleh: Iraq needs a comprehensive revolution in economic diversification.
The government believes that increasing the production and export capacities of oil and oil derivatives is a priority at the present stage, which will enhance public revenues and restore to Iraq part of its share in global markets.
The Prime Minister’s financial advisor, Mazhar Muhammad Salih, confirmed on Wednesday that diversifying the country’s sources of financial funding has become “an unavoidable necessity” after the Hormuz shock and the resulting financial conditions in the country, given that Iraq relies almost entirely on revenues from exported crude oil.
Saleh said that the importance of parallel work lies in raising the export capacities of crude oil and oil derivatives in order to restore Iraq’s rightful place in the global market.
In reviewing the current production situation, Saleh explained that Iraq currently produces about 4 million barrels per day, of which 1 million barrels are directed to meet local needs and activities, while the remaining 3 million barrels are exported.
He pointed out that “this figure does not reflect the true weight of the country,” indicating that “Iraq’s supposed share in the international market should not be less than 7 million barrels per day or more.”
He also pointed out that “the successive wars, conflicts and crises that have plagued Iraq since the 1980s have caused its historical oil shares to go to other countries.”
The financial advisor added that “the current stability gives Iraq a favorable and available opportunity today to rearrange its economic papers, by raising production and export capacities, with a focus on expanding the export of high value-added oil derivatives instead of relying entirely on crude oil.”
Saleh concluded his remarks by emphasizing the government’s vision of achieving a “ comprehensive diversification revolution ” covering the oil, industrial and agricultural sectors alike, ensuring the building of a resilient economy capable of withstanding price fluctuations in global markets and achieving sustainable development. link