Hormuz is not the only reason… Brazil removes Iraq from the list of major oil suppliers to China

The Iraq Future Foundation for Economic Studies and Consultations reported on Friday that recent data on China’s crude oil imports during the first quarter of 2026 revealed a remarkable strategic shift, with exports from Brazil and Angola recording record increases at the expense of the traditional shares of Iraq and the Gulf states.

The head of the organization, economic expert Manar Al-Obaidi, said in a post that “for the first time in the history of trade exchange, Brazil has succeeded in surpassing Iraq as a major oil supplier to China.”

The causes of superiority: Beyond the waterway crisis

He explained that “the decline in the market share of Iraq and the countries of the region was not only a result of the “Strait of Hormuz crisis,” but several structural factors combined to strengthen the position of the new competitors, including quality and technical specifications, as Brazil and Angola have crude oils that are characterized by a lower sulfur content and higher quality compared to Iraqi oil, making them the preferred choice for Chinese refineries seeking to reduce refining costs.

Al-Obaidi went on to list the factors and pointed to liberation from the constraints of “OPEC+”: As they are outside the organization, Brazil and Angola are not bound by specific production ceilings, which has given them high flexibility in meeting the growing Chinese demand and expanding their market shares without international legal obstacles.

He argued that “geopolitical security” provides a safer shipping route from South America and Africa, away from tensions in the Middle East straits, thus enhancing the sustainability of supplies, in addition to the inter-investments, where huge Chinese investments in the energy sectors of Brazil and Angola have played a pivotal role in consolidating this partnership.

The anticipated “April and May” shock

Al-Ubaidi pointed out that although Iraq currently holds 10% of China’s imports, expectations indicate a sharp decline during April and May, attributing this to the fact that March shipments had already been contracted and moved at the beginning of the year, while the direct impact of the Strait of Hormuz crisis will begin to appear clearly in the data for the second quarter of the year.

Strategic risks and the BRICS dilemma

The head of the organization warned that the “greatest danger” lies in the “entrenchment” of this shift; the close ties that bind China to Russia, Brazil and Angola within the BRICS bloc give these countries a long-term economic and political advantage.

Al-Obaidi concluded by saying: If the crisis lasts for a long time, Iraq may find itself unable to regain its market share even after the situation stabilizes, unless it resorts to a policy of large price discounts, an option that will put the Iraqi general budget under enormous financial pressure and may lead to huge economic losses.

Shafaq.com

An Iranian delegation headed by Araqchi arrives in Pakistan today

Iranian and Pakistani media reported on Friday that Iranian Foreign Minister Abbas Araqchi would arrive in Islamabad that day for talks, with the announcement of a new round of negotiations between Tehran and Washington being likely.

Media outlets quoted informed sources as saying that Iran will send a delegation to Pakistan today, headed by Foreign Minister Araqchi, to hold talks, and a second round of negotiations is likely to be arranged, though no date has been set.

The sources also suggested that a serious breakthrough might occur today, and that Pakistan might become the guarantor regarding some of the outstanding issues between Iran and America.

She said that “Pakistan may announce today the resumption of negotiations between Iran and America.”

Shafaq.com

Ministry of Electricity: Liquefied gas platform to be completed by early June with a capacity of 750 million cubic feet per day

The Ministry of Electricity announced on Friday the completion date for the liquefied gas platform, confirming that it will be completed at the beginning of June with a capacity of 750 million cubic feet per day. The spokesman for the Ministry of Electricity, Ahmed Moussa, told the official news agency that “work is proceeding at an accelerated pace to complete the liquefied gas platform,” noting that “the government has set the first of June as the date for completing the project.”

Moussa also explained that “the platform will contribute to providing between 500 and 750 million standard cubic feet per day of gas,” indicating that “there is a contract signed with the American company Excelerate Energy, which is one of the companies specializing in the energy and gas sector.”

He added that “the company, under the contract, is responsible for completing the station as well as securing the agreed quantities of gas from any source, within the specified conditions,” noting that “work is continuing according to the planned timetables to complete the project on schedule, which comes within the Ministry of Electricity’s plans to keep pace with peak summer loads.”

Burathanews.com

The Central Bank of Iran confirms receiving ship transit revenues via a “cash transaction”

The Central Bank of Iran announced on Thursday that it had received fees for ships passing through the Strait of Hormuz.

Fars News Agency quoted the Central Bank as confirming the deposit of revenues from fees for crossing the Strait of Hormuz.

He explained that “the revenues from ship transit fees in the Strait of Hormuz have been deposited in the bank in the form of ‘ cash currency , ‘ denying some news reported by the media that Iran receives transit fees in the form of ‘ cryptocurrency . ‘”

Shafaq.com

Iraqi oil holds above $110

Iraqi oil prices witnessed a decline in sales rates on Thursday, coinciding with the mixed performance of global energy markets. Basra crude maintained higher price levels compared to some Gulf crudes.

Market data monitored by the Information Agency indicated that “Basra Heavy crude recorded a decrease of 0.50%, reaching $111.94 per barrel, while Basra Medium crude declined by 0.49% to $114.04 per barrel.”

The data further clarified that “Basra crude prices remained higher than their regional counterparts, with Saudi Light crude recording $109.04 per barrel, Qatari Shaheen crude at $97.63, Kuwaiti crude at $93.64, and Emirati Murban at $103.12.”
This price variation comes at a time when global oil trading is experiencing instability due to current economic and geopolitical variables.

Almaalomah.me

AFP: Washington is using Iraqi oil revenues to pressure Baghdad

A report by Agence France-Presse (AFP) on Thursday confirmed that the United States is using Iraqi oil revenues to pressure Baghdad.

The report, translated by the Information Agency, stated that “the Trump administration has blocked a cash shipment of nearly $500 million to Iraq in an attempt to pressure Baghdad to dismantle powerful resistance factions. Analysts say this blockade threatens to further destabilize Iraq’s already fragile economy.”

Official sources told the Wall Street Journal that this is the second such shipment to be delayed since the start of the US-Israeli war against Iran in late February. These measures follow a series of attacks on US facilities in Iraq and neighboring countries, carried out by resistance axis factions to demonstrate their solidarity with Tehran since the beginning of the war.

Philippe Tourl, international affairs editor at AFP, said the attacks were widespread, with nearly a thousand drone strikes targeting Saudi Arabia, as well as Kuwait, Bahrain, and even the US embassy in Baghdad, which was evacuated several times.

The report explained that “Iraq’s oil revenues, estimated at billions of dollars annually, have been held at the Federal Reserve Bank of New York for the past twenty years.” Adel Bakawan, director of the European Institute for Middle East and North Africa Studies, stated that “since the 2003 invasion of Iraq, the country has lost control over its economy and finances.”

Bakawan further explained that “if these funds were to go directly to Iraq, i.e., to the Central Bank of Iraq, every company and every country that won a lawsuit against Iraq would have the right to claim them.” Since then, the Federal Reserve has sent up to $13 billion annually in cash to Iraq to enable Baghdad to pay the salaries of its six million government employees and to run the country.

The Central Bank of Iraq, which has not yet commented specifically on the reports, announced that it is not experiencing a shortage of US dollars and that it “has fulfilled all requests from banks and exchange companies for US dollars allocated for pilgrims, travelers, and foreign transfers.”

Bakawan emphasized that “the only available currency is oil revenues.” “Oil revenues are deposited into an account at the Federal Reserve Bank of New York. If the funds don’t arrive, salaries won’t be paid, and the Iraqi government will have nothing.”

Almaalomah.me

The Iraqi parliament’s legislative session has been extended for an additional month (update).

MP Ibtisam Al-Hilali, from the State of Law bloc, revealed on Thursday that there is an agreement between the Speaker of Parliament and the heads of political blocs to extend the current legislative session for an additional month.

Al-Hilali told Shafaq News Agency that “there is an agreement between the Speaker of Parliament and the heads of the political blocs to extend the current legislative session for another month, after the first legislative session was scheduled to end during these days, and to continue until the end of next month.”

She added that “the decision to extend comes in order to form the next government, which will follow the appointment of the candidate of the Coordination Framework, and in accordance with Article 76 of the Constitution, which stipulates that the person tasked with forming the government shall present his ministerial formation to the House of Representatives within a period of 30 days.”

Al-Hilali pointed out that “there are many laws in the corridors of parliamentary committees, which need to be read and discussed in preparation for their approval during the upcoming sessions.”

According to the Iraqi constitutional system, the House of Representatives holds two legislative sessions annually, interspersed with two legislative recesses. Sometimes, the parliament’s leadership resorts to extending the legislative session or holding extraordinary sessions to address urgent political and legislative issues, especially during the stages of forming governments or passing postponed laws.

The House of Representatives later announced the extension of its legislative session for 30 days, according to a statement issued by the House’s media department.

Shafaq.com

The Central Bank of Iraq announces its readiness to cover the dollar demands of pilgrims and travelers.

The Central Bank of Iraq confirmed on Tuesday that it has met all requests from banks and exchange companies for US dollars allocated to pilgrims, travelers, and foreign transfers.

The bank stated in a statement received by Shafaq News Agency that “the names of exchange companies authorized to sell dollars to travelers and pilgrims are available through its official website, which ensures the smooth flow of procedures and regulates sales operations in accordance with the approved regulations.”

The statement called for “visiting the official website of the Central Bank of Iraq to learn about the banks and companies specializing in selling dollars to travelers.”

It is worth noting that a source in the Hajj and Umrah Authority told Shafaq News Agency earlier that Tuesday, April 21, will witness the launch of the first land trip that includes the Authority’s employees and food and service staff, as part of the preparations for the Hajj season.

The Central Bank of Iraq had previously announced that all Iraqi pilgrims would be included in the process of selling dollars allocated for land and air travelers, setting a ceiling of (2000) dollars for each pilgrim, at the official exchange rate of (1320) dinars per dollar.

Shafaq.com

Weighing the blocs on the table of the framework… Al-Maliki and Al-Sudani resort to the “decisive weight”

An informed source revealed on Tuesday details of the visit of caretaker Prime Minister Mohammed Shia al-Sudani to the leader of the State of Law Coalition, Nouri al-Maliki, during which a number of proposals were discussed to end the political deadlock regarding the selection of the Coordination Framework candidate for the next government.

The source told Shafaq News Agency that “among the proposals to resolve the deadlock is adopting the framework for choosing the next prime minister, meaning that the candidate must obtain an absolute majority from the representatives of the framework, or adopting the parliamentary weight of the blocs supporting the candidate from which he will come.”

In other words, the source explained that if (Maliki or Sudani) insist on holding on to their nomination, the parliamentary weight that their blocs represent, in coordination with the other supporting blocs, will decide the matter, provided that one of them exceeds two-thirds, which is equivalent to (10) votes within the total votes of the leaders of the coordination framework.

According to the source, if it becomes impossible to reach an agreement with the other forces within the framework on the aforementioned proposals, a compromise candidate will be chosen who has political and governmental experience in managing the country amidst the security, economic and political challenges and is internationally acceptable.

The source added that there is a near convergence between Maliki and Sudani in adopting the proposals and putting them on the table of the coordination framework in the next meeting, noting that the inter-visits are continuing until tomorrow to mature the visions and proposals in order to reach logical solutions that end the deadlock.

Shafaq.com

Alawi: Iran’s blessing is still in place for Maliki to assume the position of Prime Minister

Ali Al-Alawi, a member of the State of Law Coalition, confirmed that Iran’s blessing for Maliki to assume the position of Prime Minister is still in place, noting that Tehran sees Maliki as a good negotiator in the Middle East towards the Western and European camp.

Al-Alawi told Al-Maalouma that “the blessing of the leader of the Islamic Revolution, the martyr Sayyid Ali Khamenei, regarding the appointment of the head of the State of Law Coalition to the position of Prime Minister is still valid.”

He added that “Iran had previously supported Iraq in the matter of choosing the prime minister and forming the new government before the outbreak of the war, and this project is still ongoing, and it is one of the projects in which Iran supports Iraq.”

He explained that “Iran knows very well who stands with it and who stands against it, and worked to support Maliki’s appointment as Prime Minister, as he would be one of the negotiators in the Middle East with the Western and European camp, especially with the changing circumstances in the region.”

Almaalomah.me