A new shipment of gasoline has arrived; a giant tanker has begun unloading its cargo at the Khor Al-Zubair port in Basra.

An official source at the General Company for Iraqi Ports reported on Thursday that technical procedures have begun to unload a giant oil tanker carrying a large shipment of imported gasoline fuel for the account of the Iraqi Oil Marketing Company (SOMO), at the docks of Khor Al-Zubair port in Basra Governorate.

The source told Shafaq News Agency that the tanker, named “NAVIG8 MONTIEL” and supplied by “ADNOC GLOBAL TRADING”, docked at the port to begin unloading its cargo of approximately (37,500) tons.

The source added that the unloading operations are taking place at Pier No. 3 in Khor Al-Zubair port, noting that the technical and laboratory staff have already begun conducting the necessary tests on the product to ensure its conformity with the approved standard specifications under the official contract issued by the Ministry of Oil, before releasing the quantities and pumping them through the oil pipeline network to meet local consumption needs.

Shafaq.com

Regional trade shifts: Iran turns to Iraq to secure the flow of its goods.

Iran is moving towards strengthening the use of Iraq as an alternative trade route, after some traditional shipping routes through the UAE faltered and gas supplies to the Iraqi market declined, which was reflected in the volume of trade exchange between the two countries during the recent period.

Statements issued by the Iran-Iraq Joint Chamber of Commerce on Thursday, and followed by Shafaq News Agency, indicated that Tehran is working to activate alternative routes for transporting goods, after difficulties encountered in using major ports and logistics hubs, most notably the Jebel Ali port in the UAE, which used to be an important transit point for Iranian trade towards multiple markets.

According to the data, these transformations have prompted Iran to study alternative transportation options that include Iraq and a number of other countries, with the aim of ensuring the continued flow of goods and reducing dependence on a single route, in light of the changes taking place in the regional and commercial landscape.

In the same context, the Iraqi-Iranian side indicated that the volume of trade exchange between the two countries was partially affected by the decrease in Iranian gas supplies, which led to a relative decline in the overall figures during the recent period, with expectations of a gradual return of trade activity if supplies improve and transport routes stabilize.

Shafaq.com

Kirkuk markets a quarter of a million tons of wheat and releases payments for last season’s dues.

The director of the Kirkuk silo, affiliated with the Ministry of Trade, announced on Thursday that the marketed quantities of wheat crop have reached about 250,000 tons, while confirming that the dues of farmers and marketers for the past season, amounting to 70 billion dinars, have reached the relevant banks and the procedures for distributing them have begun.

Kirkuk silo director Hassan Hamdi told Shafaq News Agency that “the quantities of wheat received at the Kirkuk silo and its affiliated sites have reached approximately 250,000 tons so far,” indicating that “the receiving operations are still continuing smoothly and according to the timetables set by the Ministry of Trade.”

He added that “the technical and administrative staff are working around the clock to complete the transactions of farmers and receive the crop in accordance with the approved regulations, while providing all the necessary logistical requirements to ensure the speed of procedures and reduce waiting times.”

Hamdi pointed out that the current marketing season is witnessing great cooperation between the concerned authorities and farmers, which has contributed to facilitating marketing and receiving operations, noting that the quantities received are likely to increase in the coming days with the continued flow of crops from various agricultural areas in the governorate.

Regarding financial dues, the director of the Kirkuk silo revealed that the amounts for marketing wheat for the past season, amounting to about 70 billion Iraqi dinars, have been received by the relevant banks.

He explained that “the funds have already arrived at the relevant government banks, and the procedures for distributing them to farmers and marketers have begun according to a specific plan that ensures the smooth flow of the disbursement process and that the dues reach their owners as quickly as possible.”

He stressed that the Ministry of Trade is directly following up on the wheat marketing file and the disbursement of financial dues, given its great importance in supporting the agricultural sector and encouraging farmers to increase production and achieve food security, stressing that the governorate is witnessing a successful marketing season that reflects the volume of agricultural production it has achieved during the current year.

Shafaq.com

Warning: Iraq’s reliance on the Strait of Hormuz exacerbates the risks to its oil exports amid alternative Gulf moves.

Iraq, OPEC’s second-largest oil producer, faces increasing challenges in securing its oil exports as Gulf states accelerate the development of alternative routes to transport crude away from the Strait of Hormuz, at a time when Baghdad still relies almost entirely on its southern ports to export most of its oil production to global markets.

An analysis published by Reuters indicates that Iraq is among the countries most vulnerable to any potential disruption to shipping traffic through the Strait of Hormuz, given that the bulk of its production is concentrated in the southern fields and it relies on Basra ports as a main route for oil exports.

According to the analysis, a number of Gulf states have already begun expanding alternative pipeline, land and sea outlets, giving them greater flexibility in the face of geopolitical risks, while Iraq still faces technical and political challenges that hinder the diversification of crude oil export outlets.

The report also indicated that Baghdad is considering strengthening northern export routes towards Türkiye, but these options still face obstacles related to infrastructure, political and security issues.

Analysts believe that Iraq’s continued reliance on a single main export outlet makes it more vulnerable to economic pressures in the event of disruptions to shipping through the Strait of Hormuz, which places the issue of diversifying export outlets at the forefront of the strategic challenges facing the Iraqi oil sector in the coming years.

Shafaq.com

The Prime Minister’s advisor sets a date for the recovery of Iraqi oil.

The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, stated on Wednesday that the return of Iraqi oil production and exports through the Strait of Hormuz to pre-war levels depends on the implementation of a package of technical and logistical requirements, foremost among them being the clearing of the vital waterway from sea mines.

Saleh told Al-Maalomah that “the Iraqi oil fields that were damaged as a result of the forced shutdown that exceeded three months need a period of time of about a month to be restarted,” noting that “this step remains conditional on the return of the international companies that left the fields during the military operations.”

He added that “the second challenge is securing the arrival of oil tankers to Iraqi ports,” noting that this “is entirely dependent on the timeframe required to clear the Strait of Hormuz of mines to ensure the safety of maritime navigation and its return to its former state.”

Saleh added that “the oil sector requires a complete rehabilitation of the infrastructure, pipeline networks, and ports to be fully prepared before the actual start of crude oil pumping operations.”

He pointed out that “70 percent of Iraqi oil exports are allocated to East Asian markets,” stressing that “official contracts are still in place and valid.”

Saleh concluded his remarks by stressing that “the restoration of the Iraqi oil sector to its full production and export capacity will not happen suddenly, but will be subject to a gradual and well-thought-out timetable until the stage of full recovery is reached and cash flows for the country are secured.”

Iraqi oil exports have shrunk by 90% following recent regional events and the Israeli-American war on Iran. This challenge has revealed a clear governmental failure due to the lack of alternatives and the failure to provide any other outlet for exporting Iraqi oil, on which the state relies as its primary source of revenue to fund its budget and public expenditures.

Almaalomah.me

Al-Zaidi takes economic files to the White House

In mid-July, Prime Minister Ali Faleh al-Zubaidi is preparing for an official visit to the United States, where he will meet with US President Donald Trump at the White House to discuss the future of bilateral relations between the two countries.

During his meeting with US President Trump’s Special Envoy, Tom Barrack, al-Zaidi reaffirmed the shared commitment of the Iraqi and US governments to a strong and mutually beneficial partnership capable of fulfilling the aspirations of the Iraqi people for a sovereign, secure, and prosperous future, and providing tangible benefits to both nations. Barrack conveyed President Trump’s anticipation of hosting al-Zaidi at the White House in mid-July to discuss the future of this important relationship.

The discussions addressed the Iraqi vision for building a brighter future free from terrorism, through the complete disarmament and disbanding of armed groups operating outside the authority of the state, and the consolidation of weapons under the control of official institutions, thereby ensuring full sovereignty and distancing Iraq from regional conflicts. Both sides emphasized the urgent need to achieve these goals.

On the economic front, the Prime Minister reiterated Iraq’s commitment to deepening trade and investment relations, a move welcomed by Barak as a shared approach. Both sides commended Iraq’s decision to finalize the operating license for Starlink to provide world-class internet services, launch negotiations with Chevron to develop the West Qurna 2 and Nasiriyah oil fields, enable American companies to resume operations with full security guarantees, and proceed with the memorandum of understanding with TI Capital to rehabilitate the Kirkuk-Banias pipeline. They also discussed the project to develop a floating liquefied natural gas (LNG) import terminal in Khor al-Zubair.

For his part, government spokesman Haider al-Aboudi told the Iraqi News Agency (INA) that the Prime Minister’s visit aims to “establish the necessary momentum to strengthen the Iraqi-American partnership and elevate it to an effective level,” noting that economic, trade and investment files will be at the forefront of the visit’s agenda, and that the government is proceeding with addressing the issue of unregulated weapons and confining them to the hands of the state and its specialized institutions.

Alsabaah.iq

Basra ports pump four million barrels of oil to two tankers

A source at Iraqi ports reported on Tuesday evening that two tankers are currently being loaded with four million barrels of Iraqi oil.

The source told Shafaq News Agency that “a Greek oil tanker and an Emirati tanker are currently being loaded with Iraqi crude oil from the southern Basra ports as part of the resumption of crude oil exports.”

He explained that each tanker carries two million barrels.

This comes against the backdrop of the initial understanding between Iran and America, which was announced on Sunday evening, under which the Strait of Hormuz was reopened to maritime navigation after intermittent periods of closure due to the war between Iran on one side and America and Israel on the other.

Shafaq.com

The Iraqi economy: Al-Zaydi’s ambition clashes with the reality of the “parasitic” private sector

The Iraqi government’s ambitious plan to privatize economic management and stimulate the private sector faces severe structural and legislative obstacles, amid official and economic warnings that the local market cannot absorb hundreds of thousands of new graduates, in a country suffering from one of the highest youth unemployment rates in the region.

The government of Iraqi Prime Minister Ali Faleh al-Zaidi seeks to lead a structural transition under the title “Iraq 2050” that goes beyond what he described as the “socialist mentality” that has prevailed since the 1950s, betting on the “Iraq Development Fund” as a financial lever to link funding with employment and social security.

However, this trend clashes with a legislative environment in the House of Representatives that is moving in the opposite direction, in addition to a private sector described as “parasitic” and entirely dependent on public spending.

Labor market indicators

Data from government advisors and international organizations indicates a structural gap in the $280 billion Iraqi economy, with 70% of the budget allocated to public sector salaries.

The overall unemployment rate recorded about 15.5% during the first half of 2026, up from a range of 13.7% to 15.3% achieved in 2025, while youth unemployment rates range between 28% and exceed 32% according to the latest indicators, ranking among the highest at the regional level.

The unemployment rate among women reached about 18% according to the latest official labor market surveys, at a time when the market is facing population pressure with the population reaching 46 million people, and an influx of between 160,000 and 250,000 university graduates annually.

Private sector structure

In this context, the Executive Director of the Iraq Development Fund, Mohammed Al-Najjar, affirms that the main problem does not lie in the private sector’s inability to generate jobs, but rather in “the nature of those jobs.”

Al-Najjar adds to Shafaq News Agency, “The private sector in Iraq has been able to create many job opportunities, but they are not sustainable, due to this sector’s reliance on government spending and state contracts. It is difficult to create the required number of jobs at present until laws are enacted that allow the sector to operate independently, away from the state’s control.”

He explains that the rate of labor absorption in the Iraqi private sector remains very low compared to developed countries where the market employs between 70% and 90% of the workforce, attributing this to the absence of real competition and the entry of the state as a direct competitor in the economy.

This vision is consistent with the reality of the urban landscape; thousands of small businesses are struggling with financing difficulties, while large shopping centers and luxury residential complexes targeting the wealthier segment are expanding, thus creating a sharp polarization that is reflected in consumer behavior, which now targets either high-end luxury goods or low-priced, low-end goods aimed at low-income families.

The reality of the legislative environment

While the government asserts that the public sector’s capacity for employment has reached its maximum, legislative practices have revealed a deep gap in vision between the executive and legislative branches.

During the last legislative session, the House of Representatives discussed 23 draft laws that were distributed among the relevant committees. It was found that about 70% of these drafts included a direct trend towards increasing job redundancy by creating new bodies and councils related or not related to ministries, which promotes disguised unemployment and turns the government salary into a tool for political and social survival instead of a means of production.

In this context, Mazhar Muhammad Saleh, the financial and economic advisor to the Iraqi Prime Minister, says that “the growth of the private sector faces structural obstacles, foremost among them the dominance of the rentier economy, where oil revenues constitute between 90% and 95% of the state budget.”

In his interview with Shafaq News Agency, Saleh stated that this absolute dependence “has limited the growth of productive sectors such as agriculture and industry, and has transformed the government job in the public imagination into a political compensation for the economy’s failure to create opportunities.”

He adds that the business environment still suffers from administrative corruption, declining industrial infrastructure, factory shutdowns, and weak funding directed towards small projects, stressing that the “Iraq 2050” program seeks to address this imbalance through the triad of (financing, employment, and social security) to deal exclusively with organized market institutions.

Vision of economic diversification

For his part, economist Safwan Qusay believes that overcoming the shock of complete dependence on oil – the dangers of which became apparent with regional tensions and the closure of the Strait of Hormuz – requires directing importing businessmen to become producers.

Qusay tells Shafaq News Agency, “Iraq has an opportunity to eliminate unemployment if specialized investment maps are prepared that give an economic identity to each governorate based on its competitive advantages, in conjunction with development road projects and new cities, and the shift from importing to self-sufficiency and exporting through promising partnerships with the European Union, the United States, and the Gulf States.”

In conclusion, Qusay stressed the need to activate the banking system to finance the formal private sector, as most Iraqi banks still face obstacles related to international compliance and the ability to grant long-term credit.

Iraq Vision 2050

The Iraqi government officially launched “Iraq Vision 2050 Towards Development and the Future” on September 20, 2025, under the auspices of former Prime Minister Mohammed Shia Al-Sudani.

This comprehensive strategic program, spanning three decades, aims to bring about a radical transformation in the structure of the national economy by addressing the gaps and structural imbalances of institutions, and moving away from the rentier economy that is entirely dependent on oil.

The vision is based on diversifying national income sources, achieving 70% self-sufficiency in the food and energy sectors through sustainable green initiatives, in addition to driving major projects such as the “Development Road”.

To ensure the sustainability of the program and to prevent it from being affected by changes in administrations, Prime Minister Ali al-Zidi announced in June 2026 that his government intended to transform this development vision into a “binding legal formula” to be presented to the House of Representatives, thus making it a strategic plan that transcends successive governments and establishes a stable future based on good governance and knowledge.

Shafaq.com

Financial expert: Expectations of a dinar devaluation are driving increased demand for the dollar and fueling speculation.

Financial expert and former Director General of the Central Bank of Iraq, Mahmoud Dagher, revealed on Wednesday that expectations of a reduction in the value of the Iraqi dinar in light of the economic situation and existing debts are driving an increase in demand for the dollar and a rise in its price in the local market.

Dagher added, in an interview with Shafaq News Agency, that statements and leaks related to the work of the Central Bank or the possibility of changing the exchange rate contribute to strengthening waves of speculation, noting that the market usually enters a cycle of anticipation that pushes towards strengthening dollar holdings among various economic actors, which is directly reflected in prices.

He explained that such expectations often lead to a collective behavior among individuals and companies towards converting savings into foreign currency, which increases the demand for it in the free market.

The local markets witnessed a rise in the exchange rate of the dollar against the Iraqi dinar during the past few days; as it recorded on Wednesday in the Al-Kifah exchange 156,000 dinars for every 100 dollars, while the official rate adopted by the Central Bank is 132,000 dinars.

Shafaq.com

Central bank reserves declined during the second quarter of 2026

Recent official data from the Central Bank showed a decline in the bank’s foreign reserves during the second quarter of this year.

According to data seen by Shafaq News Agency, the reserve amounted to about 118.947 trillion dinars on May 28, compared to 120.675 trillion dinars on May 21, a decrease of 1.728 trillion dinars, or 1.43%, indicating a continued downward trend during the month of May.

According to the data, the reserve continued its decline on a monthly basis, recording about 127.152 trillion dinars in April, after it was at 130.443 trillion dinars in March, reflecting a gradual decrease in total reserve assets during the period from March to the end of May.

Regarding the components of the reserve, the value of gold included in the official reserves amounted to about 32.973 trillion dinars, which represents one of the most important elements of hedging within the structure of the foreign reserve.

This trajectory reflects fluctuations in official reserve levels, linked to multiple factors, including the movement of external returns, liquidity management, and global market volatility during the period in question.

Shafaq.com