Iraq in June 2026: the most important developments in economy
In June 2026 Iraq's economy centered on oil exports and revenue. Iraq threatened to leave OPEC over a quota dispute. It planned to raise pipeline exports through Turkey's Ceyhan port to 770,000 barrels a day as southern output recovered, and it revived oil production in Kurdistan to rescue revenues. On June 15 Iraq formally asked Turkey to extend the oil pipeline agreement covering crude from the Kirkuk fields by at least one year, amid talks on revenue sharing and technical upgrades; Turkey opposed an extension. The first Chinese ship to transit the Strait of Hormuz arrived at Iraqi ports on June 1, carrying oil equipment.
On public finances, Iraq's internal debt reached 97 trillion dinars and the government looked at external borrowing. Companies linked to Iran's Revolutionary Guards won billion-dollar contracts in Iraq. Fuel shortages left Baghdad with long queues, and Iraq launched projects to expand refinery capacity and looked to solar power ahead of summer blackouts.
by WorldBrief & Maksim Micheliov | AI-generated summary
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