Iraq Will Be The Fifth Largest Arab Economy In 2026, With Expectations Of Continued Growth Until 2030.
Money and Business Economy News – Follow-up The International Monetary Fund announced on Monday that Iraq ranked fifth among Arab countries in terms of the largest economies for 2026, according to GDP data based on purchasing power parity (PPP). The Fund stated in its report that Iraq recorded a gross domestic product of $739.13 billion, ranking 44th globally.
In the Arab world, Saudi Arabia topped the list, followed by Egypt in second place, then the United Arab Emirates in third, Algeria in fourth, and Iraq in fifth.
Globally, China came in first with a GDP of $43.5 trillion, followed by the United States with $31.8 trillion, and then India in third place with $19.1 trillion.
The report indicated that Iraq’s nominal GDP reached $273.91 billion, with real growth of 3.6%, while per capita GDP (PPP) reached about $15,850 annually, coinciding with the population reaching 46.64 million people.
Regarding financial indicators, the Fund explained that the annual inflation rate stabilized at 2.5%, while net government lending/borrowing recorded a rate of -7.1%, and the current account deficit reached about 1.1%.
The report concluded by emphasizing expectations that the Iraqi economy will continue to grow in the coming years, up to 2030. https://www.economy-news.net/content.php?id=67566
Global Anticipation: Inflation, Oil, And Corporate Earnings Will Shape Markets This Week.
Money and Business Investors are focused this week on US inflation and spending data, amid escalating tensions in Iran and their direct impact on oil prices.
Despite the volatility, the S&P 500 and Nasdaq Composite indices posted weekly gains, while the Dow Jones remained relatively stable.
Key data releases are expected, most notably the Consumer Price Index and personal spending figures, along with results from major companies such as Delta Air Lines, which will reflect the impact of rising fuel prices on the aviation sector.
In contrast, oil prices remain the most sensitive factor, especially with the continued tensions in the Strait of Hormuz, increasing fears of a new wave of inflation and turmoil in global markets. Https://Www.Economy-News.Net/Content.Php?Id=67553
Iraq’s SOMO Urges Faster Crude Loading Schedules After Hormuz Transit Exemption
2026-04- Shafaq News- Baghdad Iraq’s State Organization for Marketing of Oil (SOMO) has asked its customers to submit crude oil loading schedules within 24 hours after Iran exempted Iraq from transit restrictions through the Strait of Hormuz.
Iran’s Khatam Al-Anbiya, the unified command of the country’s military forces, announced the exemption on Saturday, citing the close ties between the two neighbors.
According to a document seen by Reuters, the April 5 request aims to ensure the continuity and stability of crude exports and allow the timely processing of shipping programs, including vessel nominations and contracted volumes in line with agreed terms.
SOMO confirmed in the document that all loading terminals, including Basra Oil Terminal and related facilities, are operating at full capacity, stressing Iraq’s readiness to execute all contractual lifting programs without restrictions.
The move is intended to support Iraq’s crude exports, which had reached approximately 99.8 million barrels, or around 3.3 million barrels per day, in February before dropping to around 800,000 barrels per day last month due to disruptions at the Strait of Hormuz caused by regional military tensions.
Separately, oil sources said on Sunday that shipments of Basra crude have begun moving to Kirkuk for export via the Kurdistan Region pipeline toward the Turkish port of Ceyhan, in a bid to increase export capacity and offset disruptions at traditional outlets. Exports through this route could reach around 340,000 barrels per day, according to a source at North Oil Company. https://www.shafaq.com/en/Economy/Iraq-s-SOMO-urges-faster-crude-loading-schedules-after-Hormuz-transit-exemption
Baghdad International Airport’s US Logistics Support Center Targeted
2026-04-06 Shafaq News- Baghdad An unidentified attack targeted the US logistics support center at Baghdad International Airport on Sunday, a security source told Shafaq News.
The strike hit the perimeter of the base, according to the source, who said it remains unclear whether a missile or a drone carried out the attack.
No casualties were reported, and no group has claimed responsibility as of the time of publication.
Read more: Multiple actors, one battlefield: Iraq since the US-Israel-Iran war began
Drone crashes in Iraq’s Basra province
2026-04-06 Shafaq News- Basra A drone crashed on Monday in Al-Faw district, southern Iraq’s Basra province, without causing casualties or damage, a security source told Shafaq News.
Security forces have opened an investigation to determine the circumstances surrounding the crash.
Oil Surges As US-Israeli War On Iran Pressures Supply
2026-04-06 Shafaq News Oil prices were little changed in choppy trade on Monday, as investors awaited clarity on the status of talks between the U.S. and Iran even as they remained wary about sustained supply losses due to shipping disruptions.
Brent crude futures rose 73 cents, or 0.7%, to $109.76 a barrel at 0338 GMT. U.S. West Texas Intermediate crude futures were trading 26 cents lower, or 0.2%, at $111.28 per barrel.
The pricing moves in Asia trading on Monday were dwarfed by an 11% surge for WTI and an 8% rise for Brent during the previous trading session on Thursday, the biggest absolute price increase since 2020.
On Sunday, Trump ratcheted up pressure on Tehran, threatening in an expletive-laden Easter Sunday social media post to target Iran’s power plants and bridges on Tuesday if the strategic Strait of Hormuz is not reopened. Still, prices were largely unchanged on Monday.
The U.S., Iran and a group of regional mediators are discussing the terms for a potential 45-day ceasefire that could lead to a permanent end to the war, Axios reported on Sunday, citing four U.S., Israeli and regional sources.
The Strait of Hormuz, which carries oil and petroleum products from Iraq, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates, remains largely closed due to Iranian attacks on shipping after the war began on February 28.
“Not being able to open the strait of Hormuz is becoming more a question of political victory,” said Mukesh Sahdev, founder and CEO at consultancy XAnalysts.
Because of the Middle East supply disruptions, refiners are seeking alternative sources for crude, particularly for physical cargoes in the U.S. and Britain’s North Sea.
Still, some vessels, including an Omani-operated tanker, a French-owned container ship and a Japanese-owned gas carrier, have passed through the Strait of Hormuz since Thursday, shipping data showed, reflecting Iran’s policy to allow passage for vessels from countries it deems friendly.
The war threatens to linger on as Iran has officially told mediators it is not prepared to meet with U.S. officials in Islamabad in the coming days and efforts to produce a ceasefire have reached a dead end, The Wall Street Journal reported on Friday.
On Sunday, OPEC+, consisting of some members of the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed to a modest rise of 206,000 barrels per day for May.
However, that decision will largely exist on paper as several of the group’s key producers are unable to raise output due to the war.
Russian supply has been disrupted recently by Ukrainian drone attacks on its Baltic Sea export terminal. Media reports on Sunday said its Ust-Luga terminal resumed loadings on Saturday after days of disruptions. (REUTERS)
https://www.shafaq.com/en/Economy/Oil-surges-as-US-Israeli-war-on-Iran-pressures-supply
Iraq Ships 6.4M Crude Barrels To US In March
2026-04- Shafaq News- Baghdad/ Washington Iraq, OPEC’s second-largest oil producer, exported more than 6 million barrels of crude to the United States in March 2026, ranking fifth among top suppliers, according to data from the US Energy Information Administration (EIA).
Total exports reached 6.448 million barrels last month, down from 6.944 million barrels in February. Weekly shipments averaged 309,000 barrels per day (bpd) in the first week, 113,000 bpd in the second, 270,000 bpd in the third, and 140,000 bpd in the fourth.
Canada remained the leading exporter to the US, followed by Saudi Arabia, Mexico, and Venezuela.
Among Arab countries, Iraq ranked second after Saudi Arabia, which exported 18.424 million barrels, while Libya trailed with 28,000 barrels. https://www.shafaq.com/en/Economy/Iraq-ships-6-4M-crude-barrels-to-US-in-March
