Basra oil exports partially recover to 870,000 barrels per day in June

Official data from the Iraqi State Oil Marketing Company (SOMO) showed that the rate of crude oil exports transported by sea through Basra ports rose to about 870,000 barrels per day during the past month of June, recording a threefold increase compared to the month of May, following the partial resumption of flows through the Strait of Hormuz before security tensions caused it to be closed again. Financialnews subscription

Despite this relative recovery, official data indicates that oil exports are still far below pre-regional crisis levels, with Basra exporting about 3.6 million barrels per day last February.

In a related context, the average exports of Iraqi crude oil via the Turkish Ceyhan pipeline reached about 230,000 barrels per day during June, which represents about half of the pipeline’s usual historical rates. Crude oil produced from federal fields constituted about 176,000 barrels per day of the total quantities exported via the northern pipeline.

The Platts OPEC survey issued by S&P Global Energy showed that Iraq’s total crude oil production reached 4.22 million barrels per day last February, but the loss of southern export outlets and regional unrest led to a decline in the country’s total production to below 2 million barrels per day during the period from March to June.

Shafaq.com

Exclusive: Parliamentary Finance Committee reveals gradual shift in Iraqi budget starting in 2027

Hussein al-Daraji, a member of the Finance Committee in the Iraqi Parliament, revealed on Wednesday that the legislative and executive authorities intend to gradually move towards implementing a “programs and performance budget” starting from next year, 2027, to ensure the regulation of spending and the protection of public funds. MiddleEast news

Al-Daraji told Shafaq News Agency in a special statement that the Parliamentary Finance Committee hosted Finance Minister Falih al-Sari last week to discuss the fundamental amendments to the draft budget law, where the change to the current work mechanism and the shift towards a “program budget” was discussed in detail.

Al-Daraji explained that the program budget for the year 2027 will include, in its first phase, the Ministry of Electricity and the governorates of Diwaniyah and Salah al-Din, indicating that the plan set for the 2028 budget will expand to include five ministries and five other governorates, so that the new structure will continue to be gradually generalized to the rest of the state institutions in subsequent years.

The member of the Finance Committee pointed out that the application of the program budget aims primarily to preserve public funds, and to control and regulate financial spending channels in accordance with the government’s strategic vision, specifically within the investment budget items.

This comes in conjunction with the Parliamentary Finance Committee hosting, on July 7, Finance Minister Faleh al-Sari and senior officials in the ministry, to discuss the financial and economic situation, and the mechanisms for preparing the draft federal general budget for 2027.

During the meeting, Uday Awad, Chairman of the Finance Committee, affirmed that the committee is committed to supporting and enacting laws that contribute to addressing financial challenges, developing non-oil resources, and enhancing the state’s financial sustainability.

For his part, Al-Sari confirmed that the 2027 budget project includes a phased plan to implement the program and performance budget, starting with a number of governorates as a pilot model, to be gradually generalized to include all governorates of Iraq.

It is worth noting that the Cabinet had approved last June, under the direction of Prime Minister Ali Faleh Al-Zaidi, the formulation of a “program budget” in coordination and joint cooperation with the World Bank and the Parliamentary Finance Committee, to advance the economic reform process in the country.

Following that, the advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed that the Ministry of Finance has begun preparing the draft federal general budget law for 2027, in the first new budget that Iraq has begun to formulate after two years of not approving a federal budget.

The government’s commencement of preparing the 2027 budget comes after two years of the absence of an effective federal budget with approved schedules, as the 2025 budget schedules were not approved, nor was a budget law approved for 2026, despite the House of Representatives, under the government of former Prime Minister Mohammed Shia al-Sudani, approving the three-year budget law for the years 2023, 2024 and 2025.

The 2025 budget, in its updated form, could not be implemented after its schedules were not approved within the House of Representatives and the fiscal year ended, which prompted the Ministry of Finance to adopt a temporary disbursement mechanism at a rate of 1/12, based on the Financial Management Law, to secure salaries, governing expenses and basic obligations.

The 2026 budget was also not approved due to the political complexities and economic pressures resulting from regional tensions and energy market volatility, so Iraq continues to manage its spending according to the temporary spending mechanism while awaiting a new federal budget that will end this financial deadlock.

Shafaq.com

Trump: Next week we will announce a major oil partnership with Iraq

US President Donald Trump announced on Tuesday evening that a major oil partnership with Iraq will be announced next week.

During his meeting with Iraqi Prime Minister Ali al-Zaidi at the White House, Trump said that next week would see the announcement of a major oil partnership with Iraq, in addition to the conclusion of major trade deals. MiddleEast news

On Tuesday afternoon, Iraqi Prime Minister Ali Faleh al-Zaidi met with US President Donald Trump at the White House, according to a statement from the Prime Minister’s media office.

Al-Zaidi arrived in the US capital, Washington, on Monday, at the head of a high-level delegation that included a number of ministers, officials, investors and business owners, on an official visit that will last for seven days.

On Monday evening, a senior US administration official revealed details of the files and basic demands that US President Donald Trump will put on the table for discussion with Iraqi Prime Minister Ali al-Zaidi, ahead of their anticipated meeting at the White House on Tuesday at 11:00 AM Washington time.

The official, who requested anonymity, told Shafaq News Agency that the United States stands by Iraqi efforts to realize Iraq’s full potential as a force for stability, prosperity and security in the Middle East.

Shafaq.com

Al-Zaidi meets Trump at the White House

Iraqi Prime Minister Ali Faleh al-Zaidi met with US President Donald Trump at the White House on Tuesday, according to a statement from the Prime Minister’s media office. News

Al-Zaidi arrived in the US capital, Washington, on Monday, at the head of a high-level delegation that included a number of ministers, officials, investors and business owners, on an official visit that will last for seven days.

On Monday evening, a senior US administration official revealed details of the files and basic demands that US President Donald Trump will put on the table for discussion with Iraqi Prime Minister Ali al-Zaidi, ahead of their anticipated meeting at the White House on Tuesday at 11:00 AM Washington time.

The official, who requested anonymity, told Shafaq News Agency that the United States stands by Iraqi efforts to realize Iraq’s full potential as a force for stability, prosperity and security in the Middle East.

Shafaq.com

Exclusive: Al-Zaidi seeks a new military partnership with Washington after the coalition

On Tuesday, the spokesman for the Commander-in-Chief of the Iraqi Armed Forces, Sabah al-Nu’man, revealed that Baghdad intends to establish a bilateral military partnership with the United States after the end of the international coalition’s mission, while emphasizing that the issue of restricting weapons to the state is a “sovereign Iraqi decision” that is being worked on according to a purely governmental vision, and there is no external coordination regarding it . MiddleEast news

This came during a special interview with Shafaq News Agency, ahead of the anticipated meeting between Prime Minister Ali al-Zaidi and US Secretary of Defense Pete Hegseth at the US Department of War (the Pentagon), coinciding with joint meetings between delegations from the Iraqi and US Ministries of Defense .

Al-Nu’man said that the upcoming talks will focus on “the future of the military relationship between Iraq and the United States after the end of the international coalition’s mission,” indicating that Baghdad is looking forward to building a strong bilateral partnership with Washington in the areas of training, arming, intelligence and raising the capabilities of the Iraqi armed forces .

He added that “Iraq has made great progress in consolidating internal security, and despite the tensions in the region, the security situation inside the country is stable thanks to the readiness of the armed forces and their ability to impose security.”

The spokesman for the Commander-in-Chief of the Iraqi Armed Forces indicated that the Iraqi delegation’s visit also carries a message to international companies that “Iraq enjoys a stable security environment that qualifies it to receive foreign investments.”

Regarding the issue of restricting weapons, Al-Nu’man stressed that “this issue represents a purely Iraqi decision, based on the mandate of the Iraqi people, the will of the House of Representatives, and the directives of the religious authority.”

He stressed that Prime Minister Ali al-Zaidi has made this file a government priority, with the aim of ensuring that security and military decisions are entirely in the hands of the state and the Commander-in-Chief of the Armed Forces .

Al-Nu’man revealed that “the coming days will witness the joining of other factions to the official security institutions,” noting that the government has made significant progress in implementing this path .

In response to a question from Shafaq News regarding coordination with the US administration on the issue of restricting weapons, Al-Nu’man categorically denied this, saying that “the decision is entirely Iraqi, and the mechanisms for its implementation were put in place by the Prime Minister, and no external party is involved in its formulation or management.”

He concluded by noting that the Prime Minister had formed a central committee, headed by the Deputy Commander of Joint Operations and including the Military Secretary, which operates under his direct supervision, with the aim of completing this file and bringing it to a final conclusion .

Iraqi Prime Minister Ali al-Zaidi arrived in Washington, D.C., on Monday, leading a high-level delegation that included a number of ministers, officials, investors and business owners, for an official visit that will last seven days.

Shafaq.com

Exclusive: Baghdad seeks to establish a new economic era with Washington

Iraqi government spokesman Haider al-Aboudi confirmed on Tuesday that Prime Minister Ali al-Zaidi’s visit to the United States represents a pivotal moment in Iraqi-American relations, considering it the most important visit for an Iraqi government since 2003, because it moves the relationship between the two countries from managing security files and crises to building a long-term economic and investment partnership. Regionalnews updates

Al-Aboudi told Shafaq News Agency that the government views this visit as the beginning of a new phase based on investment, energy and economic development, noting that this path represents the real guarantee for the sustainability of relations between Baghdad and Washington, far from being limited to military or security cooperation that characterized relations during the past two decades.

He added that the government seeks to capitalize on the current political momentum to transform the relationship with the United States into a productive partnership that opens the door for major American companies to participate in strategic projects within Iraq, particularly in the oil, energy and infrastructure sectors.

He explained that a number of major American companies have shown a clear response to the government’s vision, stressing that some of them have already entered into understandings with the Iraqi side, and that the results of these agreements, which are based on common interests, will be announced during the official visit to Washington.

Regarding the issue of restricting weapons to the state, Al-Aboudi stressed that the government has placed it among its top priorities since day one, not only as a security issue, but also as one of the necessary conditions for creating a stable environment capable of attracting foreign investments and stimulating economic growth.

He stressed that the current government has moved in this matter from the stage of pledges to practical implementation, unlike what previous governments witnessed, considering that the steps taken so far reflect the state’s seriousness in imposing its sovereignty and strengthening internal stability.

He pointed out that Iraq’s success in establishing security and extending state authority sends a reassuring message to investors and international companies, and lays the foundation for stronger economic relations with international partners, foremost among them the United States, which will reflect on development opportunities and create a more attractive environment for capital.

Iraqi Prime Minister Ali al-Zaidi arrived in Washington, D.C., on Monday, leading a high-level delegation that included a number of ministers, officials, investors and business owners, for an official visit that will last seven days.

Shafaq.com

Documents reveal that the judiciary has ordered an investigation into the fate of $140 billion in Iraqi revenues.

Member of the Legal Committee in the Iraqi Parliament, MP Mohammed Jassim Al-Khafaji, announced on Tuesday that an official move has been made by the Public Prosecution to open a judicial investigation into suspicions of the disappearance and fate of $140 billion of the country’s revenues. Regionalnews updates

According to official documents obtained by Shafaq News Agency, the legal action came in response to an official request and notification submitted by MP Al-Khafaji on June 27 to the head of the Public Prosecution Service, demanding the opening of a proper investigation based on recorded statements (on a CD) by the former Undersecretary of the Ministry of Finance, Masoud Haider, who spoke about not knowing the ways in which $140 billion of Iraq’s revenues were spent over three years.

Documents issued by the Public Prosecution Office (Legal Division) and signed by the Deputy Public Prosecutor, Dhari Jaber, showed an official directive addressed to the “Second Karkh Investigation Court”, ordering the referral of the Deputy’s letter and its attachments to take urgent legal action regarding the subject of the report.

MP Al-Khafaji confirmed in a post on social media, Facebook, that he was in the capital, Baghdad, to follow up on the case.

Shafaq.com

Iraq leads OPEC declines… Basra crude drops $35 in June

Data from OPEC’s monthly oil market report for July 2026 showed that Basra Medium crude recorded the largest monthly decline among OPEC’s basket crudes during June, after it fell by $35.12 per barrel on a monthly basis, to reach an average price of $85.10 per barrel, compared to $120.22 in May . News

On an annual basis, the report showed that the average price of Basra crude oil during the first six months of 2026 was $93.57 per barrel, which is higher than the average for the same period in 2025 of $71.39 per barrel, an increase of $22.18 per barrel .

The value of the OPEC reference basket also declined during June by $24.80 per barrel compared to May, settling at $89.75 per barrel, but it remained higher than the 2025 average of $72.04 per barrel .

According to the report, Arab Light crude fell to $96.89 a barrel in June, compared to $73.65 during 2025, while Iran Heavy crude reached $90.77 compared to $72.27 last year .

Globally, Dated Brent crude fell to $85.17 a barrel in June, compared to an average of $71.65 during 2025, while West Texas Intermediate crude reached $81.66 compared to $67.73 .

The report indicates that the sharp decline in June prices came after high levels recorded by crude oils in May, while prices during 2026 remained higher than the levels of 2025, reflecting the continued impact of supply factors and geopolitical tensions in global oil markets .

Shafaq.com

Exclusive: Chaldeans hand al-Zaydi a comprehensive working paper and promises to remove obstacles to their return to Iraq

On Tuesday, Ghazwan Elias, director of the Iraq office of the Chaldean American Community Foundation in Michigan, revealed details of the meeting that brought together a delegation from the community with Iraqi Prime Minister Ali al-Zidi, confirming that he handed over a comprehensive working paper that included the most prominent demands and rights of the Christian component, while the delegation received governmental promises to work on addressing them, in addition to an official invitation for Christian emigrants to return to Iraq . Financialnews subscription

Elias told Shafaq News Agency that the meeting with the Prime Minister was “very positive and fruitful,” explaining that the Chaldean community in Michigan is one of the largest and most influential Iraqi communities in the United States on economic, political and social levels, with more than 200,000 members, while the number of Iraqi Christians of Chaldean, Assyrian and Syriac descent throughout the United States is estimated at more than half a million .

He added that the delegation handed the Prime Minister a comprehensive paper that included a number of demands related to the administrative, political, cultural and religious rights of the Christian community, as well as strengthening its representation in state institutions and government jobs .

He explained that the paper focused on the need to activate the constitutional and legal texts that guarantee the rights of Christians, in addition to accelerating the reconstruction of towns and villages that were destroyed, especially in the Nineveh Plain, and launching service and development projects that contribute to the stability of the population and encourage the return of families who left the country during the past years .

Elias noted that the delegation also called for increased opportunities for Christian talent to participate in state institutions, and for them to be given the opportunity to assume administrative and executive positions, reflecting the principle of equal citizenship and enhancing the presence of all components in state institutions .

He stressed that the Prime Minister showed great understanding of what was stated in the paper, and considered that the demands presented were based on the constitution and the law, and represented national entitlements that contribute to strengthening national unity and consolidating the principle of partnership among Iraqis .

He added that Al-Zaydi pledged to work on overcoming the obstacles facing the Christian community, and to take steps to address a number of outstanding issues, in line with the government program aimed at consolidating stability and strengthening social cohesion .

Elias revealed that the Prime Minister, through the Chaldean community delegation, sent a message to Iraqi Christians in the diaspora, calling on them to return to their homeland, invest in Iraq, and participate in the process of building and development .

He concluded that Al-Zaydi affirmed that Iraq is “a homeland for all its sons,” and that the government is working to provide a more stable and secure environment, which will encourage Iraqi talents abroad to return and contribute to building the country, based on the principle of complete equality in rights and duties, and consolidating the inclusive national identity that accommodates all components .

Earlier today, during a meeting with Iraqi businessmen in the United States, particularly members of the Christian community, Al-Zaydi called for investment in the education, health, and oil industries, and participation in the reconstruction of the Nineveh Plain region .

Al-Zaidi’s invitation came during his reception, at his residence in the American capital, Washington, on Monday evening, of a number of representatives of the Iraqi Christian community and Iraqi businessmen residing in the state of Michigan .

Community representatives and businessmen expressed their readiness to enter the Iraqi market and establish partnerships between American companies and the public and private sectors in Iraq, in order to support the diversification of the economy and expand cooperation in various fields .

Shafaq.com

With a deficit of 8.9 trillion dinars, Shafaq News publishes early warning indicators for the Iraqi economy.

Early warning indicators for the Iraqi economy for the fourth quarter of 2025, issued by the National Accounts Directorate, showed that the gross domestic product at current prices reached 82.1 trillion dinars, amid mixed developments in the oil, trade, banking, energy and stock market sectors. Regionalnews updates

According to the report, which was reviewed by Shafaq News Agency and prepared based on an analysis of trade and financial data, Iraq’s GDP, excluding the oil sector, reached 53.9 trillion dinars during the last quarter of last year, reflecting the size of the non-oil sectors’ activity.

The government report indicated that the state’s general budget deficit reached 8.9 trillion dinars during the same period, while the official exchange rate remained stable at 1,300 dinars per US dollar.

On the financial and banking front, indicators revealed that the total bank credit granted reached 75.6 trillion dinars, while the trading volume in the Iraq Stock Exchange (regular) recorded about 0.1 trillion dinars.

In the trade sector, the report explained that the decline in merchandise exports led to a decrease in the country’s net trade balance, resulting in a trade surplus that stabilized at $4 billion during the fourth quarter of last year. The banking sector also witnessed a decrease in cash assets and a decline in the narrow and broad money supply.

As for the energy sector, the amount of electricity produced locally reached 35,529,823 megawatt-hours, compared to the importation of 295,609 megawatt-hours of electricity to cover the deficit in the national grid during the same period.

Shafaq.com