ShafaqNews- Nineveh

Ninevehis seeking investment proposals for oil refineries and production projects asthe Provincial Council moves to establish an oil company in the northern Iraqiprovince, its Energy Committee chief, Ahmed al-Abd Rabbo, told Shafaq News onSaturday.

Al-AbdRabbo noted that the initiative could help develop the province's oil sectorand eventually pave the way for an integrated oil company. The Council has alsoasked Baghdad to exempt Nineveh from the conditions normally required toestablish oil companies, a recommendation still awaiting the government'sresponse.

Aprovincial council member, who requested anonymity, however, cast doubt onwhether the request will be approved, citing the legal requirements forestablishing an oil company.

Under theapplicable rules, a province must produce at least 100,000 barrels per day(bpd) to establish an oil company, while Nineveh's current production stands atabout 38,000 bpd, he argued.

Nearly55% of Nineveh's oil production is concentrated in several fields, includingQayyarah and Najma, south of Mosul, according to the Iraqi Ministry of Oil. Theprovince has recently expanded its oil sector by restoring production fromseveral fields damaged during ISIS's occupation of parts of Nineveh between2014 and 2017.

Read more: Iraq ships 32.1M barrels over two months

Shafaq News- Baghdad/ Erbil

The US dollar closed mixed in Iraq on Saturday, hoveringaround 153,000 dinars per 100 dollars in Baghdad and Erbil.

According to a Shafaq News market survey, the dollar traded inBaghdad's Al-Kifah and Al-Harithiya exchanges at 153,100 dinars per 100dollars, the same price recorded this morning.

In the Iraqi capital, exchange shops sold the dollar at153,500 dinars and bought it at 152,500 dinars.

In Erbil, selling prices stood at 153,150 dinars and buyingprices at 153,050 dinars.

Shafaq News- Baghdad

The Iraqi government is considering leadership changesat several state-owned banks over weak services and slow modernization, aninformed source told Shafaq News on Saturday.

Managers would be evaluated on institutionaldevelopment, service improvements, digital transformation, and their ability toexpand access to loans, salary advances, and other banking products that couldease financial pressure on citizens and support economic activity.

Administrative measures could follow against managerswho fall short, particularly at banks still heavily reliant on paper-basedprocedures, as Baghdad seeks to strengthen the sector’s contribution to theeconomy amid mounting fiscal pressures, the source added.

Read more: Debt without contracts: Iraq's shadow credit market

The potential changes come as the government pursues abroader restructuring of the state banking sector. A government source toldShafaq News in July that the Finance Ministry plans to merge Rafidain Bank withRasheed Bank and the Cooperative Agricultural Bank with the Industrial Bank,alongside changes to staffing, branch networks, and electronic infrastructure.

Iraq has 81 banks and representative offices, one ofthe highest totals in the Middle East, according to the Eco Iraq Observatory.Despite the size of the sector, the monitor found that banking services remainbelow expectations and that the country has no fully integrated digital banks.

Reform efforts also face Iraq’s persistent reliance oncash. Around 87% of the country’s money supply, or roughly 95 trillion dinars (about$72.5B), remained outside the banking system as of June, according to figuresprovided to Shafaq News by Prime Minister Ali Al-Zaidi’s financial adviserMudher Mohammed Saleh, limiting funds available for lending and investment.

Read more: Cash culture dominates Iraq, reform efforts stall

Shafaq News- Baghdad/ Erbil

On Saturday, gold prices edged higher in Baghdad and remained constant in Erbil, hovering around 950,000 IQD per mithqal, according to a Shafaq News market survey.

Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 950,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 946,000 IQD. The same gold had also sold for 946,000 IQD on Thursday.

The selling price for 21-carat Iraqi gold stood at 920,000 IQD, with a buying price of 916,000 IQD.

In jewelry stores, 21-carat Gulf gold ranged between 950,000 and 960,000 IQD per mithqal, while Iraqi gold sold for between 920,000 and 930,000 IQD.

In Erbil, 22-carat gold was sold at 982,000 IQD per mithqal, 21-carat gold at 937,000 IQD, and 18-carat gold at 804,000 IQD.

Shafaq News- Baghdad/ Erbil

The US dollar opened Saturday’s trading higher in Iraq, hovering around 153,500 dinars per 100 dollars in Baghdad and Erbil.

According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,100 dinars per 100 dollars, up from Thursday’s 152,750 dinars.

In the Iraqi capital, exchange shops sold the dollar at 153,500 dinars and bought it at 152,500 dinars.

In Erbil, selling prices stood at 153,000 dinars and buying prices at 152,900 dinars.

Shafaq News- Basrah

Basrah Heavy and Medium crude posted weekly gains of $6.59 and $7.59 a barrel, or 12.03% and 13.29%, respectively, despite falling in the final trading session, while global oil prices moved higher.

Basrah Heavy fell $0.92 a barrel, or 1.48%, in the final session to settle at $61.38. Basrah Medium also declined $0.94 a barrel, or 1.43%, to close at $64.68.

Global oil prices rose in later trading. West Texas Intermediate gained $1.03, or 1.27%, to $82.28 a barrel, while Brent climbed $1.30, or 1.49%, to $88.37.

Shafaq News- Al-Anbar

Iraq’s western desert in Al-Anbar spans about 90,000 square kilometers and offers investment opportunities across agriculture, livestock, minerals, and energy, the Al-Rutba district head told Shafaq News on Friday.

Most of the western desert lies within Al-Rutba district and contains several dams, including Horan Dam, with a storage capacity of about 38 million cubic meters, and the Wadi Al-Masad Dam, currently under construction with a planned capacity of seven million cubic meters. The area also has other dams, with additional projects included in the Water Resources Ministry’s plans, while groundwater provides an additional resource through wells reaching depths of 120 to 200 meters, some of which are suitable for agricultural use.

Agriculture and livestock represent some of the area's main investment opportunities, with vast natural grazing lands capable of supporting hundreds of thousands of livestock. Al-Rutba and the western desert currently supply Al-Anbar and other Iraqi provinces with about 1,400 sheep per day for slaughter, in addition to other livestock products.

The western desert also contains minerals used in several industries, including silica and phosphate, which could support manufacturing projects. Investors have submitted applications for agricultural projects, while several companies hold investment contracts.

According to Al-Dulaimi, the Al-Sakkar field, which stretches toward Saad Air Base and Al-Qaim, is a promising site included in the Oil Ministry’s future development plans. The local administration is promoting further investment opportunities following improved security and growing commercial activity after the reopening of the Al-Waleed and Trebil border crossings.

“A 24-hour electricity supply through the Jordanian interconnection, along with improved security on the highway and safer movement of vehicles and trucks, has also supported commercial and investment activity.”

Read more: Al-Anbar opens for business: Gas draws new investment

Shafaq News- Baghdad

For two years, Iraq has run without a national budget. Salaries andessential spending have been covered month to month under a stopgap rule thatreleases one-twelfth of the previous budget at a time, while politicaldeadlock, regional conflict, and swings in oil prices kept a full budget out ofreach.

Parliament passed a three-year law covering 2023 to 2025 but neverapproved the final year's spending, and no budget was passed for 2026 at all.

That is the backdrop to a change the government of Prime Minister AliFaleh al-Zaidi now says will reshape how the country spends its money. Startingwith the 2027 federal budget, Iraq will adopt what is known as program andperformance budgeting, a system that ties funding to specific programs andmeasurable results rather than to the raw size of allocations.

Read more: Delayed 2026 budget pushes Iraq toward 2027 plan

In plain terms, ministries will be funded for what they are meant toachieve, not simply for what they spent last year. The Cabinet approved theframework at its June 2 session, working with the World Bank, and has presentedit as a way to curb waste, tighten oversight of public money, and lift morerevenue from sources other than oil.

The shift will arrive in stages. MP Hussein Al-Darraji, a member of theparliamentary Finance Committee, told Shafaq News that in 2027 the new systemapplies to a single ministry, Electricity, and two provinces, Al-Diwaniyah andSaladin. The 2028 budget widens it to five ministries and five more provinces,,before later budgets extend it across the rest of the state.

Read more: 2026 budget: Iraq confronts unprecedented fiscal strain

The 2027 budget is also significant simply for existing. It is the firstfull spending plan Iraq will have drafted in two years. Mudhir Mohammed Saleh,the financial adviser to the prime minister, told Shafaq News that the FinanceMinistry expects to complete the draft law by September, after which it movesthrough the Ministerial Council for the Economy and the Council of Ministersbefore reaching parliament, where a budget must ultimately be approved. Salehsaid it is still too early to put a figure on the budget's total size, whichwill not be fixed until the draft is finished.

A 2026 budget, by contrast, is no longer expected. With the year alreadyhalf gone, the government concluded there was little point in approving one andturned its attention to 2027 instead.

Read more: Iraq’s budget paralysis: How the 1/12 rule reduced state finances to salary payments

Shafaq News- Basra

Four foreign oil tankers with a combined capacityof seven million barrels are at Basra port for loading, a source at the GeneralCompany for Ports of Iraq told Shafaq News on Friday.

The vessels included three large vessels capable of carrying two millionbarrels each and a smaller one-million-barrel tanker.

Earlier today, Oil Minister Basim Mohammed Khudair Al-Abadi said Iraqexported about 49 million barrels of crude oil in July.

Read more: Iraq ships 49M barrels, advances Basra-Fishkhabur pipeline

Shafaq News-Basra

Iraqexported about 49 million barrels of crude oil in July, while talks with Iranand the United States continue over the passage of Iraqi shipments through theStrait of Hormuz, Oil Minister Basim Mohammed Khudair Al-Abadi announced onFriday.

Speaking ata joint press conference with Basra Governor Asaad Al-Eidani, Al-Abadi saidfour tankers were loaded with crude today and are preparing to sail. Dailyexports have averaged two million barrels since the beginning of August, "thefirst time Iraq has reached that level since the regional crisis began."

The OilMinistry, through the State Organization for Marketing of Oil (SOMO), Basra OilCompany, and other companies, is also pursuing exceptional contracts toincrease exports. Al-Abadi reaffirmed plans for a strategic pipeline linkingBasra to Fishkhabur near the Turkish border to diversify Iraq’s oil exportoutlets and avoid potential disruptions to energy shipments through Hormuz.

The projectwill be implemented by a consortium comprising Chevron, IT Capital, and Qatar’sUCC under an agreement signed in Washington during the Iraqi governmentdelegation’s visit to the United States in July. Running from Basra toFishkhabur, with a branch extending to Baniyas on Syria’s Mediterranean coast,the pipeline was previously delayed by financial constraints but would connectcrude supplies to refineries across Iraq for the first time, increase exportsthrough the Turkish port of Ceyhan, modernize oil infrastructure, boost staterevenues, and create jobs.

Hormuz willremain an important export route alongside Ceyhan and other outlets under thegovernment’s strategy, he added.

Read more: No exit but Hormuz: Iraq’s economic vulnerabilityexposed

Iraq, OPEC’ssecond-largest oil producer, ships about 90% of its crude exports through theStrait of Hormuz, leaving the country particularly exposed to disruptions inthe waterway, which normally carries roughly one-fifth of global oil supplies. ParliamentaryOil Committee member Zainab Al-Khazraji previously told Shafaq News that Jordanis also being considered as a potential outlet for Iraqi crude.

Read more: Iraq's oil revenues under US financial guard 23years after invasion

Al-Eidani,in turn, pointed to plans to develop the Faihaa field and other oil fields inBasra, establish an extensive pipeline network, and increase the use ofassociated gas to fully supply power stations, with any future surplus intendedfor export through Iraqi ports.

Shafaq News

Gold prices slipped on Friday andwere headed for a ‌weekly loss as investors locked in profits after mild U.S.inflation data propelled bullion to its highest level in more than two monthsand weakened the case for a near-term Federal Reserve rate hike.

Spot gold ​was down 0.6% at$4,324.39 per ounce, as of 0538 GMT. While U.S. gold ​futures for Decemberdelivery slid nearly 1% to $4,379.20.

Bullion climbed to its highest point⁠since June 5 on Thursday, before settling 1.3% lower and setting it on track​for a weekly loss.

"There is some episodic andmore speculative capital that's maybe taking a bit ​of profit in gold, becausethere's not a near-term catalyst quite so potent immediately in front ofus," said Ilya Spivak, head of global macro at finance content networkTastylive.

"Gold may be setting up, with​some choppy trading along the way, for a meaningful rally now. And if we can​take out $4,400, I don't think $5,000 by year end is any kind of asketch."

The non-yielding metal got ‌a boost⁠after an unexpected drop in U.S. July nonfarm payrolls last week, followed bysofter inflation data this week, sharply reducing expectations of a rate hikenext month.

U.S. producer prices were unchangedin July, following a revised 0.1% drop in June, while U.S. consumer pricesbarely increased last month ​as the cost of ​gasoline declined for ⁠a secondconsecutive month.

Traders are now pricing only a 33%chance of a rate hike in September, down from about 55% last week, ​accordingto the CME FedWatch Tool. FEDWATCH

Lower interest rates make gold more​attractive relative ⁠to yield-bearing assets.

On the geopolitical front,Washington on Thursday threatened to maintain a naval blockade of Iranindefinitely, ratcheting up economic pressure on Tehran as ceasefire talks havefloundered.

In other metals, spot silver⁠slipped 0.9% ​to $63.88 per ounce.

Platinum slipped 0.4% to $1,711.10,while palladium inched ​0.1% higher at $1,308.25, both touching their lowestlevels since August 4 earlier in the session. Both metals were headed ​for aweekly drop.

(REUTERS)

Only the headline is edited byShafaq News.

Shafaq News

Oil prices inched up on Friday afterthe United States threatened an indefinite naval blockade of Iran, reviving​concerns about supply of crude after the previous session's fall on a weakeroutlook ‌for demand and a large build in U.S. stocks.

Brent futures rose 1 cent, or 0.1%,to $87.08 a barrel by 0247 GMT, while U.S. West Texas Intermediate (WTI) crudefutures rose 6 cents to $81.31 a barrel.

The benchmarks were on track ​forweekly rises of about 4% after the prior session's fall of more than 2%,​paring gains following Brent's six-session rally and a five-session rise forWTI.

"Despite the ⁠bearish crudestock data, the broader geopolitical backdrop is preventing a sharper pricedecline," Susan Bell, senior ​vice president for oil commodity markets atRystad Energy said in a note.

On Thursday, the United States​warned that it could maintain a naval blockade of Iran indefinitely and rampup economic pressure on Tehran as ceasefire talks have stalled.

"Watch this space for moreannouncements coming next week because we are going to apply measures like have​never been seen in the history of economic isolation of a country,"Treasury Secretary Scott Bessent ​told Newsmax's "Rob Schmitt Tonight"programme in an interview.

The latest U.S. threats come as Irancurbs traffic through the Strait ‌of Hormuz, ⁠which carried 20% of the world’soil before the conflict, driving up fuel prices and putting pressure onPresident Donald Trump to end a war that is unpopular at home.

The strait is "under themanagement and control of the Islamic Republic", however, the recentlyappointed head of Iran's Basj paramilitary unit, ​Hossein Taeb, has said,according to ​the semi-official Fars ⁠news.

The prospect of a longer warconstraining supply was offset this week by forecasts from OPEC and theInternational Energy Agency lowering outlooks for demand growth, while ​datashowed the largest weekly gain in U.S. crude stocks for more than ​3-1/2-years.

KCM chief ⁠market analyst TimWaterer said the two forces were acting as counterweights.

"The result is a market thatremains supported but struggles to break meaningfully higher while theseopposing pressures remain in place."

Two vessels from the ⁠state-ownedAbu ​Dhabi National Oil Company were attacked transiting the Strait of Hormuz​on Thursday, said UAE state news agency WAM, an incident the United ArabEmirates government condemned as an Iranian attack.

(REUTERS)

Only the headline is edited byShafaq News.

Shafaq News- Baghdad/ Erbil/ Ankara

Iraq’s northern oil exports have fallen to between 120,000 and 135,000 barrels per day (bpd) from nearly 300,000 bpd about a month ago, three Iraqi oil sources told Shafaq News on Thursday.

The drop was caused by suspended production at several Kurdistan Region fields and the halt of roughly 90,000 bpd of Basrah crude that had been routed north through Kirkuk for export to Turkiye. Security conditions also prompted foreign operators in the Kurdistan Region to reduce or suspend activity at some fields, cutting production by about 60,000 bpd.

Exports are currently holding near 130,000 bpd through the northern pipeline system to Turkiye’s Mediterranean port of Ceyhan. The sources said volumes could recover by around 150,000 bpd if production resumes at the affected Kurdistan Region fields and Basrah crude again flows north.

On July 31, Iraq and Turkiye signed a one-year agreement covering the Iraq-Turkiye pipeline and providing for around 750,000 bpd of export capacity through Ceyhan after the expiry of the previous pipeline agreement, with Baghdad and Ankara continuing negotiations on a longer-term framework.

The northern route has gained strategic importance during the Hormuz crisis. Iraq exported only 10 million barrels through the strait in April, down from about 93 million barrels a month before the regional war disrupted Gulf shipping, according to Oil Minister Basim Mohammed.

Shafaq News- Baghdad

The Central Bank of Iraq (CBI) has recorded notableshifts and a marked decline in its financial indicators, with the bank's netclaims on the government rising even as official reserves shrink, economistManar al-Obaidi, head of the Future Iraq Foundation for Economic Studies andConsultancy, revealed on Thursday.

CBI net claims on the government registered a sharpincrease, reaching 66.6 trillion dinars (approximately $50.8B), compared to 35trillion dinars (approximately $26.7B) at the start of 2025, al-Obaidi said,based on an economic reading drawing on the latest operational and bankingdata.

Net official reserves held by the central bank fell to102 trillion dinars (approximately $77.8B), down from 130 trillion dinars(approximately $99.2B) at the start of 2026, al-Obaidi added, noting that Julyalone saw the central bank lose approximately 10.3 trillion dinars(approximately $7.9B) from its foreign currency and banking reserves.

Shafaq News- Baghdad/ Erbil

The US dollar closed Sunday’s trading lower in Iraq,hovering around 153,000dinars per 100 dollars.

According to a Shafaq News market survey, the dollar tradedin Baghdad's Al-Kifah and Al-Harithiya exchanges at 152,900 dinars per 100dollars, up from the morning session’s 152,750 dinars.

In the Iraqi capital, exchange shops sold the dollar at 153,500dinars and bought it at 152,500 dinars, while in Erbil, selling prices stood at153,050 dinars and buying prices at 153,000 dinars.

Shafaq News- Baghdad

Iraq’s Basrah Medium crude fell $6.73 per barrel inJuly to average $78.37, marking the fourth-largest monthly decline among theOrganization of the Petroleum Exporting Countries (OPEC) basket crudes, accordingto the organization’s latest report.

The Iraqi grade slipped from $85.10 in June butaveraged $91.24 during the first seven months of 2026, about 28% above its$71.27 average last year.

Kuwait Export posted the steepest monthly loss of$10.26 per barrel, followed by Arab Light at $9.01 and Iran Heavy at $8.70.

OPEC’s Reference Basket shed $6.76 to $82.99 perbarrel in July, from $89.75 a month earlier. Its January-July average reached$92.04, compared with $71.88 in 2025.

Shafaq News- Baghdad

Iraq’s car market contracted sharply in the first halfof 2026, with sales falling 28.6% year-on-year to 59,264 vehicles, according toautomotive market research platform Focus2move.

Kia remained the country’s largest-selling brand witha 28% market share, despite a 27.8% drop in sales. Toyota ranked second with22% of the market as its sales fell 24%, while Nissan placed third after a13.3% decline.

MG ranked fourth with an 8.9% share despite salesfalling 31.6%, while Jetour climbed to fifth with 8.4% after recording 29.2%growth.

Among other leading brands, Hyundai recorded thesteepest decline, with sales down 69.7%, while Great Wall grew 6.9%.

The electric vehicle segment suffered an even steepercontraction, with sales dropping 72%. BYD led the segment with a 48.3% share,followed by Toyota at 43.4%.

Sales grew strongly between 2021 and 2024, reaching158,076 vehicles in 2024, before the market reversed course.

Shafaq News- Baghdad/ Erbil

On Thursday, gold prices fell across Baghdad and Erbil,hovering around 940,000 IQD per mithqal, according to Shafaq News marketsurvey.

Gold prices on Baghdad's Al-Nahr Street recorded a sellingprice of 946,000 IQD per mithqal (equivalent to five grams) for 21-carat gold,including Gulf, Turkish, and European varieties, with a buying price of 942,000IQD. The same gold had sold for 957,000 IQD on Wednesday.

The selling price for 21-carat Iraqi gold stood at 916,000IQD, with a buying price of 912,000 IQD.

In jewelry stores, 21-carat Gulf gold ranged between 950,000and 960,000 IQD per mithqal, while Iraqi gold sold for between 920,000 and930,000 IQD.

In Erbil, 22-carat gold was sold at 982,000 IQD per mithqal,21-carat gold at 937,000 IQD, and 18-carat gold at 804,000 IQD.

Shafaq News- Baghdad/ Erbil

The US dollar opened Thursday's trading lower in Iraq, hovering around 152,500 dinars per 100 dollars in Baghdad and Erbil.

According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 152,750 dinars per 100 dollars, down from Wednesday’s 153,300 dinars.

In the Iraqi capital, exchange shops sold the dollar at 153,250 dinars and bought it at 152,250 dinars.

In Erbil, selling prices stood at 152,950 dinars and buying prices at 152,850 dinars.

ShafaqNews- Basrah

Iraq’sBasrah crude prices advanced about 15% on Thursday, despite losses in benchmarkcrude futures.

BasrahHeavy crude increased by $7.72, or 14.01%, to $62.81 per barrel, while BasrahMedium crude added $8.72, or 15.20%, to $66.11 per barrel.

Brentcrude futures fell by 42 cents, or about 0.47%, to $88.56 a barrel. US WestTexas Intermediate (WTI) lost 55 cents, or 0.66%, to $82.72 a barrel.

OPEC’sbasket rose to $86.60 a barrel, gaining $5.98, or 7.42%. Marban crude moved upto $90.08 a barrel, up 1.10%, while Dubai crude stood at $84.56 a barrel, 0.59%higher.

Shafaq News

Oil prices eased on Thursday after gains in previoussessions, as attention turned to expectations of weaker global oil demand thisyear, while there was no progress on opening the vital Strait of Hormuz.

Brent futures slipped 42 cents, or 0.47%, to $88.56 a barrelby 0405 GMT. U.S., trimming gains made over the previous six sessions.

West Texas Intermediate (WTI) crude fell 55 cents, or 0.66%,to $82.72, after advancing over the past five sessions.

A senior Iranian source said on Wednesday there had been noprogress in talks to revive an interim ⁠dealagreed in June and define a timeframe to implement it.

"There was little in the way of fresh developmentsbetween the U.S. and Iran, with both sides remaining in a deadlock," saidING analysts in a note on Thursday.

"Meanwhile, the latest large drone attack on Russia'sNovorossiysk port appears to have spared oil infrastructure, with no reports ofdamage to oil terminals as of now."

With no change in the prospect of reopening the Strait ofHormuz, the key factor that had driven prices higher over the past week,attention turned to the demand outlook following a surprise build in U.S. crudestocks and lower consumption forecasts from OPEC and the International EnergyAgency.

U.S. commercial crude oil inventories posted their largestweekly gain ⁠since January2023 as exports slumped, data from the Energy Information Administration showedon Wednesday.

Crude inventories rose by 17.4 million barrels to 424.4million barrels in the week ended August 7, their highest since June 5, the EIAsaid, compared with analysts' expectations in a Reuters poll for a 1.4million-barrel draw.

On the same day, the Organization of the Petroleum ExportingCountries lowered its world oil demand ⁠growthforecast for 2026 to 580,000 barrels per day in its monthly oil market report.

At the same time, the International Energy Agency said itexpects a 1.6 million bpd contraction in consumption this year, down from aforecast of 1 million bpd last month, with demand ⁠curtailed by higher prices and restricted supplydue to the U.S.-Israeli war with Iran.

Still, the deadlocked talks between Iran and the U.S. to endthe war in the Gulf have kept a floor under prices.

"The safety situation for navigation in ⁠these waters has furtherdeteriorated, forcing vessels to turn off their signals, which reducestransparency in shipping and makes it more difficult for the market to trackand assess actual supply levels," analysts at Haitong Futures said in anote.

(REUTERS)

Only the headline is edited by Shafaq News.

Shafaq News- Damascus

Syria is shifting from raw-material exports to higher-valueproducts, with Iraq among its main markets alongside Jordan and the Gulf, Khaledal-Khader, director general of the Syrian Authority for Supporting andDeveloping Local Production and Exports, told Shafaq News on Wednesday.

Al-Khader said the monetary and qualitative value of Syrianexports has improved significantly despite economic challenges, driven bygreater emphasis on quality and manufacturing.

Among Syria’s most competitive exports are agriculturalproducts and medicinal plants, particularly olive oil, cumin, anise, citrusfruits and summer produce such as cherries and grapes. Nuts, especially Aleppopistachios, also rank among the country’s competitive products, according toAl-Khader.

Gulf markets are among the main destinations for Syrianfresh agricultural products and food industries, while Iraq and Jordan offerimportant opportunities because of their geographic proximity and relativelyeasy commercial exchange through land crossings. “Markets in Eurasia and African countries also represent strategic opportunities forSyrian agricultural and textile products,” Al-Khader added.

Export volumes over the past two years have remainedgenerally stable for seasonal and industrial products, according to availabledata. Al-Khader said export volumes remain linked to the agricultural calendarand domestic market needs.

Higher export values have resulted from several factors,including greater added value as producers move from exporting raw materials toprocessed and packaged goods, such as bottled olive oil. Inflation and higherglobal prices, particularly for food and commodities, have also contributed tothe increase in the overall value of export sales.

“Improved product quality and the acquisition of qualitycertifications by several Syrian products have additionally helped exportersenter markets with greater purchasing power,” al-Khader clarified.

Agricultural exports account for the largest share ofSyria’s exports, ranging from 7 tons to 2,070 tons of total exports, he said,citing the country’s fertile agricultural base and seasonal surpluses,particularly in citrus fruits, produce, spices and olives. Industrial and food exports account for the remaining share,ranging from 125 tons to 1,145 tons, with a focus on processed food products,textiles, chemicals and detergents.

Shafaq News- Baghdad/ Erbil

The US dollar closedWednesday’s trading lower in Iraq, hovering around 153,000 dinarsper 100 dollars.

According to Shafaq News marketsurvey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,100dinars per 100 dollars, down from the morning session’s 153,300 dinars.

In the Iraqi capital, exchange shopssold the dollar at 153,500 dinars and bought it at 152,500 dinars,while in Erbil, selling prices stood at 153,000 dinars and buying pricesat 152,950 dinars.

Shafaq News- Baghdad

Loans issued under the Central Bank of Iraq's (CBI)four-trillion-dinar initiative reached about 4.195 trillion dinars ($3.20B) in2025, covering investment projects and personal financing, the bank said onWednesday.

Large projects valued at more than one billion dinars($763,000) received the largest share, at around 2.211 trillion dinars($1.69B), while small-project loans totaled about 249.6 billion dinars($190.5M). Financing for large projects primarily went to the commercial andindustrial sectors, and smaller businesses received funding across services,industry, agriculture, and trade.

The initiative also provided 5.6 billion dinars ($4.27M) inconcessional personal loans and financed entrepreneurship projects. The overallamount could increase with further lending to other sectors, according to theCBI.

Earlier this month, Central Bank figures showed that Iraq’sprivate sector accounted for nearly 65% of outstanding bank credit at the endof May 2026, holding 47.329 trillion dinars ($36.1B) of the total 73.173trillion dinars ($55.9B). Overall lending declined for a thirdconsecutive month, alongside a similar drop in bank deposits.

Shafaq News- Basra

Iraq will start laying the pipeline network for a major gas-captureproject in the Basra oilfields this month, the state-owned Company for OilProjects (SCOP) said Wednesday, adding that it had completed technical andoperational preparations to begin work at the Artawi field on a scheme designedto cut the gas routinely flared, or burned off, at southern oilfields.

The director of the company's South Projects Authority, Abdul HakimQadouri, said a joint meeting with TotalEnergies of France and China PetroleumPipeline (CPP) of China, attended by representatives of Basra Gas Company,settled the final requirements for launching the work, including pipelineroutes and supporting facilities.

The project involves laying pipelines of 10, 12, and 24 inches to carrysweet gas, which is low in sulfur, and building launching and receivingstations. It also includes a 20-inch line for sour gas, which is higher insulfur and more corrosive, within the WQ2 block of the West Qurna 2 oilfield.

According to Qaddouri, behind the engineering is a persistent Iraqiproblem: the country flares much of the gas produced alongside its crude forlack of infrastructure to capture it, then imports gas and fuel to run itspower stations. The project falls under Oil Ministry efforts to make use ofthis associated gas and process the volumes coming off producing fields,reducing flaring and drawing more value from the resource.

The Artawi Gas Midstream Project (GMP) forms part of TotalEnergies' GasGrowth Integrated Project, a multi-billion-dollar program in Basra that alsocovers oilfield redevelopment, a seawater supply plant, and solar power,according to the French company.

The Company for Oil Projects said the pipeline work is scheduled tobegin this August.

Read more: TotalEnergies pushes alternative Iraqi pipelines to west