Shafaq News- Baghdad/ Erbil

The US dollar closed Monday’s trading higher in Iraq,hovering around 160,000 dinars per 100 dollars.

According to a Shafaq News market survey, the dollar tradedin Baghdad's Al-Kifah and Al-Harithiya exchange markets at 160,300 dinars per100 dollars, up from the morning session’s 159,050 dinars.

In the Iraqi capital, exchange shops sold the dollar at 160,750dinars and bought it at 159,750 dinars, while in Erbil, selling prices stood at160,150 dinars and buying prices at 160,100 dinars.

Shafaq News- Baghdad

Iraqi Line, the country's national maritime carrier, is set to resume commercial shipping operations in the Gulf on Oct. 15, more than five decades after its vessels last operated on regional routes, the Ministry of Transport said on Monday.

Its first voyage will depart from Jebel Ali Port in the United Arab Emirates and head to Umm Qasr Port in Iraq.

"The return to service is expected to support cargo movement through Iraqi ports, facilitate trade with countries in the region and expand the national carrier's presence on regional maritime routes," the ministry said.

Iraqi cargo ships last operated on regional routes in the mid-1960s.

Shafaq News- Baghdad/ Erbil

On Monday, gold prices hoveredaround 940,000 IQD per mithqal in Baghdad and Erbil markets, continuing theirupward trend, according to a Shafaq News market survey.

Gold prices on Baghdad's Al-NahrStreet recorded a selling price of 935,000 IQD per mithqal (equivalent to fivegrams) for 21-carat gold, including Gulf, Turkish, and European varieties, witha buying price of 931,000 IQD. The same gold had sold for 922,000 IQD onSunday.

The selling price for 21-carat Iraqigold stood at 905,000 IQD, with a buying price of 901,000 IQD.

In jewelry stores, the selling priceper mithqal of 21-carat Gulf gold ranged between 935,000 and 945,000 IQD, whileIraqi gold sold for between 905,000 and 915,000 IQD.

In Erbil, 22-carat gold was sold at990,000 IQD per mithqal, 21-carat gold at 946,000 IQD, and 18-carat gold at811,000 IQD.

Shafaq News- Baghdad/ Erbil

The US dollar opened Monday’s trading higher in Iraq,hovering around 160,000 dinars per 100 dollars.

According to a Shafaq News market survey, the dollar tradedin Baghdad’s Al-Kifah and Al-Harithiya exchanges at 159,050 dinars per 100dollars, up from the previous session’s 157,950 dinars.

In the Iraqi capital, exchange shops sold the dollar at159,500 dinars and bought it at 158,500 dinars, while in Erbil, selling pricesstood at 159,500 dinars and buying prices at 159,450 dinars.

Shafaq News

Gold prices drifted higher on Monday after recent softeconomic data sharply lowered expectations of a Federal Reserve rate hike inOctober, though a firmer dollar limited gains.

Spot gold rose 0.3% to $4,153.56 per ounce by 0631 GMT. USgold futures for December delivery gained 0.5% to $4,181.70.

US job growth slowed more than expected in September, andthe nonfarm payrolls count for the prior two months was revised sharply lower,data showed on Friday.

"The softer labour market ⁠data has helped dial back October Fed hikeexpectations, which is providing gold some support. But the market is stilltreating the Fed’s broader hiking cycle as intact even if a pause occurs inOctober," said Tim Waterer, chief market analyst at KCM Trade.

Traders now see an 18% probability of a Fed rate hike inOctober, while still pricing in an 81% chance of an increase in December,according to the CME FedWatch Tool.

The US central bank last month raised its benchmarkovernight interest rate by 25 basis points ⁠tothe 3.75%-4.00% range, its first rate increase in three years.

Limiting gains for gold, the US dollar index rose 0.4%,making dollar-denominated metals more expensive for holders of othercurrencies.

On the geopolitical front, Yemen’s Saudi-backed,internationally recognised government said on Sunday it was launching a majormilitary campaign to recapture ⁠allareas controlled by the Iran-backed Houthis.

"Middle East developments will continue to matter forgold, particularly through their impact on oil prices and the broader inflationoutlook. Volatility is likely to remain elevated ⁠whileoil, yields and Fed expectations stay in flux," said Waterer.

Oil prices slipped as rising crude exports from the MiddleEast and G7 nations' release of oil added ⁠tosupplies, offsetting concerns about further damage to Gulf oil infrastructure.

Among other metals, spot silver gained 1.7% to $61.40,platinum was up 1.1% to $1,716.92 and palladium added 0.3% to $1,165.40.

(REUTERS)

Only the headline is edited by Shafaq News.

Shafaq News- Hormuz

Crude oil exports from the Middle East rose above pre-warlevels on four of the seven days in the final week of September, ship-trackingfirm Kpler said on Monday.

Crude exports from the region reached a high of 19.5 millionbarrels per day (bpd) on September 24 and ranged between 19 million bpd and22.5 million bpd from September 27 to 29.

Exports averaged 18 million bpd between March 2025 andFebruary 2026, before the US-Israeli war on Iran began.

The seven-day moving average for crude exports stood at 18.5million bpd on October 1, the data showed. The figure includes shipmentsthrough the Strait of Hormuz and the Red Sea, exports from terminals, andship-to-ship transfers in the Gulf of Oman.

Taken together, exports of crude, oil products, chemicalsand non-gas liquids averaged 22.4 million bpd in the seven days to September30, Kpler added, noting that the tally excludes vessels that may have crossedthe maritime gateway with their Automatic Identification System transpondersswitched off to avoid detection.

Before the Iran war began on February 28, the waterway typicallyhandled about 125 large commercial vessels a day, including tankers, gascarriers, bulkers and container vessels, accounting for about 20% of theworld's daily crude oil and liquefied natural gas (LNG) supply.

Read more: Iran war spreads to Iraq and Red Sea as regional risks mount

Shafaq News

Oil prices edged lower on Monday as rising ​Middle East crude exports and a release of oil stocks by the Group of Seven ‌nations boosted supplies, offsetting concerns about further damage to Gulf oil infrastructure amid the US-Israeli war on Iran.

Brent crude futures fell 66 cents, or 0.65%, to $101.59 a barrel at 0240 GMT, while US West Texas Intermediate crude was at $90.12 a barrel, down 95 ​cents, or 1.03%.

Brent gave up most of its gains last week while WTI was 1.6% lower ​after G7 countries agreed on Friday to release 100 million barrels of diesel and crude from ⁠emergency reserves and pledged to refrain from energy export restrictions after pressure from US President Donald Trump.

The ​release will add to Middle Eastern crude exports which rose above pre-war levels in four of the seven days of ​the final week of September, shipping data showed on Monday, despite attacks on vessels passing through the Strait of Hormuz.

"The G7 decision to tap strategic reserves is taking some of the immediate supply anxiety out of the price, while there's a growing view ​that Saudi export volumes are moving back toward pre-war levels, even if those barrels are still moving at ​higher cost and via less efficient routes," said Tim Waterer, chief analyst at KCM Trade.

"That combination is enough to subdue prices ‌for now ⁠even though the risks of further damage to energy infrastructure around the Gulf region haven't gone away."

The Houthis said they launched ballistic missiles and drones at Saudi Aramco sites in Riyadh and the Khurais area of Saudi Arabia in response to 50 Saudi-led air and missile strikes in Yemen in the past 12 hours. There was no ​confirmation from Saudi Arabia.

On Sunday, ​Yemen's Saudi-backed, internationally recognised ⁠government said it was launching a major military campaign to recapture all areas of the country controlled by the Iran-backed Houthis. Meanwhile, Aramco has unexpectedly cut November crude oil prices ​for Asia to six-year lows.

Brent prices continue to stay above $100 per barrel on ​persistent geopolitical tensions ⁠and an increase in attacks on commercial vessels in the Gulf, ING analysts said in a note.

Meanwhile, OPEC+ delayed a review that would determine 2027 oil output quotas for its members after the Iran war disrupted projects to expand capacity ⁠across the ​Middle East, throwing estimates of future production potential into uncertainty, said ​two sources close to the matter.

In Europe, Ukraine will double down on attacking Russian oil refineries, Ukrainian President Volodymyr Zelenskiy told Reuters in an ​interview published on Saturday.

(REUTERS)

Only the headline is edited by Shafaq News.

Shafaq News- Baghdad

Iraqi Prime Minister Ali Al-Zaidi on Sunday ordered five economic measures covering at least 3.5 trillion dinars ($2.67B), including redirected central bank funds, additional bank liquidity, and payments to contractors and farmers.

According to Al-Zaidi’s office, one trillion dinars ($763M) from existing Central Bank of Iraq (CBI) initiatives will be directed to real estate and housing, while the Trade Bank of Iraq and Industrial Bank will receive at least one trillion dinars ($763M) in additional liquidity to finance industrial projects.

The Finance Ministry will provide 500 billion dinars ($382M) to settle contractors’ dues and another 500 billion dinars ($382M) for farmers. A further 500 billion dinars ($382M) will be added to the Future Generations Fund Initiative, raising its balance to 1.5 trillion dinars ($1.15B).

The farmer allocation matches the 500 billion dinars that Finance Minister Faleh Al-Sari said on September 13 would be released during September toward overdue agricultural payments. The statement did not specify whether Sunday’s allocation represents a new tranche or implementation of the earlier commitment.

Al-Zaidi called for rapid implementation of the measures, while the CBI said it was ready to support banking stability and provide monetary and financing conditions supportive of economic activity under its existing policy.

An informed source told Shafaq News in September that most state-owned banks had stopped issuing loans and salary advances because of limited funding and insufficient liquidity. Finance Ministry data released on Sunday showed a 26.329 trillion dinar ($20.16B) deficit through July, with spending of 65.424 trillion dinars ($50.10B) exceeding revenues of 39.096 trillion dinars ($29.94B).

Shafaq News- Baghdad/ Erbil

The US dollar closed Sunday’s trading higher in Iraq, hoveringaround 158,000 dinars per 100 dollars.

According to a Shafaq News market survey, the dollar traded inBaghdad’s Al-Kifah and Al-Harithiya exchanges at 158,050 dinars per 100dollars, up from the morning session’s 157,950 dinars.

In the Iraqi capital, exchange shops sold the dollar at 158,500dinars and bought it at 157,500 dinars, while in Erbil, sellingprices stood at 158,050 dinars and buying prices at 158,000 dinars.

Shafaq News- Baghdad

Iraq's budget deficit reached 26.329 trillion dinars($20.16B) in the first seven months of 2026 as government spending far outpacedrevenues, with oil still providing nearly four-fifths of the state's income,Finance Ministry data showed on Sunday.

The government collected about 39.096 trillion dinars($29.94B) through the end of July, while spending reached 65.424 trilliondinars ($50.10B).

Oil remained the main source of state income, generatingabout 30.356 trillion dinars ($23.25B), or 78% of total revenues. Non-oilrevenues brought in another 8.740 trillion dinars ($6.69B), accounting forabout 22%.

Salaries accounted for the largest share of currentspending, with employee compensation reaching 35.875 trillion dinars ($27.47B)through July. Social welfare spending followed at 15.989 trillion dinars($12.24B), while grants, subsidies, interest payments and other expenditurestotaled 5.096 trillion dinars ($3.90B).

The government spent another 1.939 trillion dinars ($1.48B)on goods and supplies, while spending on services and supplies reached 139.3billion dinars ($106.67M). Maintenance of state assets accounted for 41.4billion dinars ($31.70M).

Debt servicing totaled 6.239 trillion dinars ($4.78B)through the end of July, according to the budget execution data.

Economist Nabil al-Marsoumi put combined spending onsalaries and social welfare at 51 trillion dinars ($39.05B) during the firstseven months of the year, compared with total government revenues of 39trillion dinars ($29.86B).

Those revenues covered about 76% of spending on salariesand social welfare, al-Marsoumi noted, putting the effective gap between thetwo at about 29 trillion dinars ($22.21B).

Read more: $45B deficit looms over Iraq’s draft 2027 budget

Shafaq News-Tehran

Iran'scurrency weakened against the US dollar, with the greenback reaching 271,000tomans on Tehran's open market, according to Iranian financial-market trackerTGJU.

The dollarrose 0.37% from the session's opening rate of 270,000 tomans and 1.16% from theprevious session's rate of 267,900 tomans. It traded between 269,960 and271,020 tomans during the session.

One tomanequals 10 rials

Shafaq News-Baghdad/ Erbil

On Sunday,gold prices hovered around 930,000 IQD per mithqal in Baghdad and Erbilmarkets, continuing their upward trend, according to a Shafaq News market survey.

Gold priceson Baghdad's Al-Nahr Street recorded a selling price of 922,000 IQD per mithqal(equivalent to five grams) for 21-carat gold, including Gulf, Turkish, andEuropean varieties, with a buying price of 918,000 IQD. The same gold had soldfor 917,000 IQD on Saturday.

The sellingprice for 21-carat Iraqi gold stood at 892,000 IQD, with a buying price of888,000 IQD.

In jewelrystores, the selling price per mithqal of 21-carat Gulf gold ranged between920,000 and 930,000 IQD, while Iraqi gold sold for between 890,000 and 900,000IQD.

In Erbil,22-carat gold was sold at 978,000 IQD per mithqal, 21-carat gold at 935,000IQD, and 18-carat gold at 802,000 IQD.

Shafaq News-Baghdad/ Erbil

The USdollar opened Sunday’s trading higher in Iraq, hovering around 158,000 dinarsper 100 dollars.

According toa Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah andAl-Harithiya exchanges at 157,950 dinars per 100 dollars, up from theprevious session’s 157,250 dinars.

In the Iraqicapital, exchange shops sold the dollar at 158,500 dinars and bought itat 157,500 dinars, while in Erbil, selling prices stood at 157,800dinars and buying prices at 157,750 dinars.

Shafaq News- Baghdad/ Washington

US crude oil imports from Iraq fell to zero last weekfrom 51,000 barrels per day (bpd) a week earlier, data from the US EnergyInformation Administration (EIA) showed on Sunday.

Overall imports from ten major suppliers averaged5.078 million bpd, up 129,000 from 4.949 million bpd the previous week.

Canada remained the largest supplier at 3.423 millionbpd, followed by Venezuela at 553,000 bpd, Brazil at 498,000 bpd, and Guyana at165,000 bpd. Mexico supplied 144,000 bpd, Argentina 136,000 bpd, Saudi Arabia74,000 bpd, Colombia 68,000 bpd, and Nigeria 17,000 bpd.

Shafaq News- Tehran

The Iranian currency fell to a record low on Saturday, withthe euro rising above 300,000 tomans* for the first time, according to Bonbast,which tracks Iran's free-market exchange rates.

The US dollar was trading at about 265,050 tomans, while itsbuying price stood at 262,400 tomans.

The currency's rapid decline has sharply eroded consumers'purchasing power. Citing financial observers, Bonbast reported that averagemonthly wages had fallen since the start of the year from the equivalent ofabout 120 euros to roughly 70 euros.

The impact on household budgets has become increasinglyapparent in Tehran, where residents reported to the German Press Agency (DPA)that food prices had risen sharply over the past six months. The price of aloaf of bread doubled from 25,000 tomans to 50,000 tomans, while a kilogram ofrice climbed from 350,000 to 550,000 tomans. Meat has become unaffordable formany families, according to DPA.

Iranian Interior Ministry spokesman Ali Zeyn Vandi recentlydescribed the sharp rise in prices as a source of concern, with inflationplacing increasing pressure on households.

He, however, maintained that goods were currently availablein sufficient quantities across the country, urging the public to disregardreports of shortages and characterizing them as hostile propaganda.

Tehran is facing one of the most severe economic crises inits history, with the US naval blockade and tougher sanctions restricting oilexports and access to foreign currency. Earlier this week, Bloomberg reportedthat Iran loaded no crude oil onto tankers in September for the first timesince the US-Israeli war began on Feb. 28, down from about 250,000 barrels perday in August.

*One toman equals 10 rials.

Shafaq News-Baghdad

Iraq rankedthird among Arab countries in gold reserves, holding 175.6 metric tons inSeptember 2026, up from 162.7 tons a year earlier, according to World GoldCouncil figures.

Saudi Arabialed the Arab rankings with 323.1 tons, followed by Lebanon with 286.8 tons.Algeria ranked fourth with 173.6 tons, ahead of Libya with 146.7 tons, Egyptwith 129.7 tons and Qatar with 116.2 tons.

Kuwait held79 tons, followed by Jordan with 77.8 tons, the United Arab Emirates with 74.5tons, Syria with 25.8 tons and Morocco with 22.1 tons. Tunisia, Oman andBahrain recorded smaller reserves of 6.8, 6.7 and 4.7 tons, respectively.

Arabcountries on the council’s list of the 100 largest gold holders held a combined1,649.1 tons, accounting for 4.52% of the approximately 36,478 tons recordedworldwide. The rankings include countries and certain official institutions,drawing on data from central banks, the International Monetary Fund, and otherofficial sources.

Shafaq News- Baghdad/ Ankara

Iraq and Turkiye advanced work on a draft agreement governing Iraqi oil exports through the Turkish port of Ceyhan, Oil Minister Bassem Al-Abadi said on Saturday.

Al-Abadi said talks with the Turkish energy minister focused on increasing export capacity through Ceyhan and expanding Turkish companies’ participation in Iraqi oil and gas projects, describing the meeting as “very productive.”

He said the cooperation could help attract qualified international companies to develop and invest in Iraq’s oil and gas sector.

Read more: Iraq–Turkiye pipeline restart reshapes energy balance

The two sides also formed two joint technical committees, one focused on oilfield investment and the other on developing and building oil infrastructure. They also discussed partnerships between Iraqi and Turkish companies.

“We hope this proceeds smoothly to achieve the desired objectives, in line with the government’s vision and strategy and the ministry’s plans,” Al-Abadi said.

On Aug. 1, Iraq and Turkiye signed a one-year agreement to transport at least 750,000 barrels of Iraqi crude per day through the Iraq-Turkiye pipeline to Ceyhan while negotiations continue on a broader framework agreement.

Prime Minister Ali Al-Zaidi said at the time that Iraqi and Turkish companies would begin implementing the arrangement, while Baghdad and Ankara worked toward a broader agreement covering oil, electricity and water resources.

Al-Abadi arrived in Ankara on Friday for talks on cooperation in oil, gas and energy.

Shafaq News- Baghdad/ Erbil

The US dollar edged higher against the Iraqi dinar in Baghdad and Erbil on Saturday, hovering around 157,000 dinars per $100 as evening trading closed.

According to a Shafaq News market survey, in Baghdad, the Al-Kifah and Al-Harithiya central exchanges closed at 157,300 dinars per $100, up slightly from 157,250 dinars in the morning.

Exchange shops in Baghdad kept their retail rates unchanged, selling $100 for 157,750 dinars and buying it for 156,750 dinars.

In Erbil, the dollar also rose, with exchange shops selling $100 for 157,550 dinars and buying it for 157,500 dinars.

Shafaq News- Amman/ Baghdad

Jordan’s exports to Iraq rose 20.4% in the first sevenmonths of 2026, while imports from Iraq fell 56.6%, Jordan’s Department ofStatistics said on Saturday.

According to the data, Jordanian exports to Iraq reached 632million Jordanian dinars (about $891.4M) during the period, up from 525 milliondinars (about $740.4M) in the same period of 2025.

Jordan’s imports from Iraq fell to 43 million dinars (around$60.6M) in the first seven months of 2026, compared with 99 million dinars (around$139.6M) during the same period last year.

Jordan’s trade surplus with Iraq increased to about 589 milliondinars (about $830.7M) from roughly 426 million dinars (about $600.8M) in thefirst seven months of 2025.

Last month, the Amman Chamber of Commerce said exports toIraq covered by its certificates of origin reached 415 million Jordanian dinars($585.2M) in the first eight months of 2026.

Shafaq News- Tehran

Iran's currency weakened further against the US dollaron Saturday, hitting a new low on Tehran's open market, according to Bonbast,which tracks Iran's free-market exchange rates.

By midday, the dollar sold for 267,100 tomans and wasbought at 265,519, up 2.06% from the day's opening rate, Bonbast data showed.It traded between 261,500 and 267,100 tomans during the session.

One toman equals 10 rials

Shafaq News-Baghdad/ Erbil

On Saturday,gold prices hovered around 920,000 IQD per mithqal in Baghdad and Erbilmarkets, falling in Baghdad but rising in Erbil, according to a Shafaq News marketsurvey.

Gold priceson Baghdad's Al-Nahr Street recorded a selling price of 917,000 IQD per mithqal(equivalent to five grams) for 21-carat gold, including Gulf, Turkish, andEuropean varieties, with a buying price of 913,000 IQD. The same gold had soldfor 920,000 IQD on Thursday.

The sellingprice for 21-carat Iraqi gold stood at 887,000 IQD, with a buying price of883,000 IQD.

In jewelrystores, the selling price per mithqal of 21-carat Gulf gold ranged between920,000 and 930,000 IQD, while Iraqi gold sold for between 890,000 and 900,000IQD.

In Erbil,22-carat gold was sold at 973,000 IQD per mithqal, 21-carat gold at 930,000IQD, and 18-carat gold at 797,000 IQD.

Shafaq News- Baghdad/ Erbil

The US dollar opened Saturday’strading higher in Iraq, hovering around 157,000 dinars per 100 dollars.

According to a Shafaq News marketsurvey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 157,250dinars per 100 dollars, up from the previous session’s 156,850 dinars onThursday.

In the Iraqi capital, exchange shopssold the dollar at 157,750 dinars and bought it at 156,750 dinars,while in Erbil, selling prices stood at 157,250 dinars and buying pricesat 157,200 dinars.

Shafaq News- Basra

Iraq’s Basrah Heavy and Basrah Medium crude grades ended the week down more than 7%, despite both rising $4.94 per barrel in the final trading session.

Basrah Heavy gained 7.08% in the latest session to $74.75 per barrel, ending the week down $6.32, or 7.80%, from $81.07 at the start of the week.

Basrah Medium also rose $4.94, or 6.76%, to $78.05 per barrel, posting a weekly loss of $6.32, or 7.49%, from $84.37.

In global markets, US West Texas Intermediate fell $2.81, or 3.03%, to $90.06 per barrel, while Brent crude declined $1.76, or 1.72%, to $100.55.

Shafaq News- Al-Anbar

Completing developmentwork at the Al-Waleed border crossing with Syria requires major funding, the headof Al-Rutba district told Shafaq News on Friday.

Imad Al-Dulaimi saidthe operation of border crossings near Al-Rutba, including Al-Waleed, Trebiland Arar, would support the local economy by reducing unemployment, creatingjobs, supporting local businesses and increasing trade.

Development work iscontinuing on both the Iraqi and Syrian sides of the Al-Waleed crossing, hesaid, adding that the Syrian side has made greater progress.

The crossing has thepotential to become an important trade route because of its connection to theinternational highway, Syria’s efforts to improve the road to Damascus and itsproximity to Mediterranean ports, including Latakia, Tartus and Baniyas, accordingto Al-Dulaimi.

On September 20, Iraqiand Syrian officials met at the Al-Waleed-Tanf crossing to discuss easing trucktraffic and restoring passenger movement after the route reopened followingmore than 11 years of closure.

The Syria-Iraq borderstretches roughly 600 kilometers and has three main official land crossings:Al-Yarubiyah-Rabia between Al-Hasakah and Nineveh, Al-Bukamal-Al-Qaim betweenDeir ez-Zor and Al-Anbar, and Al-Tanf-Al-Waleed near the Syria-Iraq-Jordan border.The Semalka-Faysh Khabur crossing over the Tigris also connects northeasternSyria with the Kurdistan Region of Iraq.

Read more: Syria-Iraq trade recovers as energy transit expands

Shafaq News- Baghdad

OPEC+ has delayed a review of members’ 2027 oilproduction capacity after the US-Israeli war on Iran disrupted expansionprojects across the Middle East, Reuters reported on Friday, citing two sourcesclose to the matter.

Originally due by the end of September, the assessmentis now expected to be completed by mid-November, according to one source. Thefindings will establish how much crude each member can sustainably produce andserve as a reference for setting 2027 production baselines.

The war has disrupted expansion projects in severalOPEC+ countries, complicating estimates of future output. Some members havealso yet to provide the information required for the process, although theReuters sources did not identify them.

US petroleum consultancy DeGolyer and MacNaughton isevaluating participating countries except Russia, Iran, and Venezuela, whichare under US sanctions. Its findings are expected to reach OPEC ahead of thealliance’s next group-wide meeting later in November. Lower sustainablecapacity could result in smaller allocations, while producers that haveexpanded output potential could seek higher baselines.

The process is particularly important for Iraq, OPEC’ssecond-largest crude producer, which has long argued that its current quotadoes not account for increased capacity. Government sources told Shafaq News inJune that Baghdad was seeking a higher allocation and had considered leavingOPEC, although the Oil Ministry denied any plan to withdraw and reaffirmedIraq’s commitment to the organization.

Crude sales generate roughly 90% of Iraq’s staterevenue, leaving public finances highly exposed to output restrictions anddisruptions along export routes. Around 93% to 95% of the country’s oil exportsnormally pass through the Strait of Hormuz, which has remained almost entirelyclosed since the regional war began in February 2026.

Baghdad has also repeatedly exceeded its OPEC+ ceilingand submitted compensation plans to offset excess production, an issue itshares with Kazakhstan. The dispute has gained greater significance as Iraqseeks to recover revenue lost during months of export disruption whilenegotiating future production limits in an unsettled oil market.

Leaving OPEC would free Iraq from the group’sproduction limits, although withdrawals remain relatively rare. Angola exitedin early 2024 following a quota dispute, after Qatar in 2019, Ecuador in 2020,and Indonesia in 2016, while the UAE withdrew in 2026.

Read more: No exit but Hormuz: Iraq's economic vulnerability exposed