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By John Lee.

Iraq's prime minister has pledged to pursue corruption cases without exception, seek a fairer OPEC production quota, and announce a political and economic partnership with the United States, in a wide-ranging interview broadcast on Al Arabiya.

Ali al-Zaidi told Al Arabiya that anti-corruption efforts would be pursued without regard to sectarian, ethnic, or political affiliation, and that those implicated have no option but to return misappropriated funds. He said the government's cooperation with the judiciary is at a high level, with both sharing the goal of recovering public money.

On the question of armed factions, al-Zaidi said dialogue is under way and that their activities will subsequently shift to the political and social sphere. Once a stated deadline passes, he said, weapons will be monopolised entirely by official state institutions and security forces.

Al-Zaidi said delays in dollar shipments had been caused by disruptions to air navigation linked to regional conditions, but that cash transfers have since resumed on schedule. He added that Iraq will announce a political partnership and economic cooperation agreement with the United States, and that Iraq seeks to facilitate rapprochement between Washington and Tehran.

On regional economic ties, al-Zaidi said Iraq is pursuing an economic partnership with Saudi Arabia, describing the two countries as strategic depth for each other. He also said Iraq, as a founding member of OPEC, will not leave the organisation but will seek a fair and equitable production share.

On the Kurdistan Region, al-Zaidi said the government intends to resolve outstanding issues with the Kurdistan Regional Government rather than defer them.

(Source: PMO)

By John Lee.

Seven OPEC+ countries, including Iraq, have agreed to a production adjustment of 188,000 barrels per day (bpd) from the additional voluntary adjustments announced in April 2023, to be implemented in August 2026.

The countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on 5 July 2026 to review global market conditions and outlook, according to OPEC.

The additional voluntary adjustments announced in April 2023 may be returned in part or in full, subject to evolving market conditions, and in a gradual manner. The move also gives participating countries an opportunity to accelerate their compensation for previous overproduction.

The seven countries reaffirmed the importance of a cautious approach, and said they would retain full flexibility to increase, pause, or reverse the phase-out of the voluntary production adjustments, including reversing those announced in November 2023.

They reiterated their collective commitment to full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments, which will be monitored by the Joint Ministerial Monitoring Committee (JMMC). The countries confirmed their intention to fully compensate for any overproduced volume since January 2024.

The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation, with the next meeting scheduled for 2 August 2026.

Full statement from OPEC:

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability

The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 5 July 2026, to review global market conditions and outlook.

In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in August 2026 as detailed in the table below. The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023.

The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024.

The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The seven countries will meet on 2 August 2026.

(Source: OPEC)

By John Lee.

According to the Iraqi Civil Aviation Authority (ICAA), the opening of Mosul International Airport has been delayed due to several outstanding technical and operational requirements.

The authority said it continues to monitor the project through regular field visits by technical teams and coordination with the Nineveh provincial administration and other relevant parties to complete the requirements needed for the airport to begin operations in line with national and international standards.

The outstanding requirements include:

• No contract has been signed with a structural audit consultant, which is required to complete technical review and approval procedures.
• The operating entity for the airport has not been finalised, with the need to ensure qualified and licensed personnel are available to operate the facility.
• Designs and procedures for aircraft approach and departure routes have not been completed. The Nineveh provincial administration has contracted RISK for this purpose.

The authority said it has made efforts through official communications with relevant parties inside and outside Iraq, including Saudi Arabian authorities, to obtain approvals and exemptions to support airport operations, but the required approvals have not yet been obtained.

The ICAA said its procedures are based on applicable laws and the requirements of the International Civil Aviation Organization (ICAO), adding that aviation safety requirements cannot be bypassed.

(Source: Iraqi Civil Aviation Authority)

By John Lee.

The Ministry of Transport announced on Tuesday that international air traffic will resume transit operations through Iraqi airspace within 24 hours following high-level coordination meetings with regional and international aviation bodies.

The ministry said the arrangements were coordinated with Saudi Arabia, Kuwait, Bahrain, the European Union and the International Air Transport Association (IATA) to redirect international air traffic routes over Iraqi airspace.

The ministry has instructed the specialist departments at the General Company for Air Navigation Services to increase readiness in line with requirements from the International Civil Aviation Organization (ICAO), including:

• Ensuring aviation communications systems, radar systems and voice communications are fully operational
• Coordinating with neighbouring countries to confirm the safety and readiness of interconnection lines
• Providing sufficient staffing levels across operational sectors to handle expected traffic volumes
• Ensuring air traffic controllers provide navigation services in line with safety standards and aircraft separation requirements

According to the Ministry of Transport, the return of international transit traffic through Iraqi airspace reflects the restoration of its role as a key aviation corridor and confidence in national aviation capabilities.

Eco-Iraq Observatory reported that Iraq lost about $15,000 per hour in over-flight fees as a result of the temporary suspension of flights through its airspace.

(Sources: Ministry of Transport / Eco-Iraq Observatory)

By John Lee.

Seven OPEC+ member states have agreed to implement a combined production adjustment of 188,000 barrels per day (bpd) in July 2026, according to a statement from the group. The countries involved are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The group met virtually on Saturday to review global market conditions. The adjustment forms part of the additional voluntary production cuts first announced in April 2023, which the seven countries said may be returned in part or in full subject to market conditions.

The seven nations reaffirmed the importance of retaining flexibility to increase, pause, or reverse the phase-out of voluntary adjustments, including those announced in November 2023. They also confirmed their intention to fully compensate for any overproduction since January 2024, with the compensation period extended to the end of December 2026.

Conformity and compensation will be monitored by the Joint Ministerial Monitoring Committee (JMMC). The group will hold monthly meetings to review market conditions, with the next scheduled for 5 July 2026.

Full statement from OPEC:

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability

The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 7 June 2026, to review global market conditions and outlook.

In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in July 2026 as detailed in the table below. The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023.

The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The compensation period will be extended until the end of December 2026.

The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The seven countries will meet on 5 July 2026.

(Source: OPEC)

By John Lee.

Talaat Moustafa Group (TMG) has received an investment licence and secured a land bank of approximately 12.8 million sqm in south-west Baghdad to develop an integrated urban community, in what the Egyptian group describes as a key milestone in its regional expansion strategy.

According to TMG Holding, its subsidiary Talaat Moustafa Company Baghdad received investment licence number 2026/515 from the National Investment Commission (NIC) on 24th May 2026.

The project is expected to generate cumulative sales of approximately USD 18.8 billion, with recurring annual revenues of around USD 108 million upon full completion from leasing and hospitality assets, and an overall gross margin of approximately 20%. The development period is estimated at 16 years, with full sell-out anticipated within 12 years.

The planned community will include:

• Approximately 43,000 residential units, accommodating around 250,000 residents
• Approximately 2.3 million sqm of non-residential built-up area
• A regional mall, office and administrative space, and hospitality facilities
• Educational, healthcare, religious, and civic institutions
• A large-scale sports and social club, entertainment venues, parks, and open green spaces

The site, located within Baghdad Financial and Economic City, has direct connectivity to key financial and administrative districts and is close to Baghdad International Airport.

The Iraq project will grow TMG's total land bank from 115 million sqm to approximately 128 million sqm and is expected to add around USD 3.58 billion in incremental land bank value. The group's land bank in the Gulf region will reach approximately 28 million sqm. The project is being executed through TMG's Saudi Arabia entity.

(Source: Talaat Moustafa Group Holding)

By John Lee.

A 120-km road rehabilitation project linking Nukhaib district to Karbala province has been completed by the Ministry of Construction, Housing and Public Municipalities.

According to the ministry's media centre, the road, which is 7.5 metres wide, connects the Arar border crossing with Saudi Arabia to Karbala, passing through Anbar province. It also serves as a principal route for pilgrims and visitors.

The project was carried out under the supervision of the Roads and Bridges Directorate through Ashur General Company for Construction Contracting, both affiliated with the ministry.

(Source: Ministry of Construction, Housing and Public Municipalities)

By John Lee.

A new hydrocarbon discovery has been made at the Qurnain exploration block in southwest Iraq, marking the first oil find at any block awarded under the fifth supplementary and sixth licensing rounds.

The discovery was confirmed following the drilling of exploratory well Shams-11, which began on 10th January 2026. A potential hydrocarbon accumulation of 8.835 billion cubic feet was identified on 24th February 2026 in the MUS formation at a depth of 1,916-1,965 metres, with a daily production rate of 3,248 barrels of light crude oil.

The Qurnain block covers an area of 8,773 km² in Najaf province, adjacent to the Iraqi-Saudi border. Key milestones in its development include:

• An exploration, development, and production contract signed on 17th October 2024 between Midland Oil Company (MdOC) and North Petroleum International (NPI), a wholly owned subsidiary of Zhenhua Oil (EBS Petroleum)
• Contract activation on 18th November 2024
• Transfer of operatorship from North Petroleum International Limited to Qurnain Petroleum Limited with effect from 17th May 2025
• Commencement of 2D seismic survey on 10th October 2025, covering 2,850 km, completed on 15th March 2026

The meeting, attended by Mohammed Yassin, Director General of Midland Oil Company, also covered progress on production increases by EBS Petroleum at the East Baghdad Oil Field. Oil Minister Hayan Abdul-Ghani al-Sawad called for acceleration of work phases to sustain crude oil production and maximise gas utilisation.

(Source: Ministry of Oil)

By John Lee.

Seven OPEC+ member countries have agreed to implement a production adjustment of 188,000 barrels per day (bpd) in June 2026, following a virtual meeting held on 3 May 2026.

The seven countries involved are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, all of which had previously announced additional voluntary adjustments in April and November 2023. [United Arab Emirates (UAE) announced that it will exit the OPEC and OPEC+ from 1st May.]

The group stated that the additional voluntary adjustments announced in April 2023 may be returned in part or in full, subject to market conditions, on a gradual basis. Key points from the meeting include:

• A production adjustment of 188,000 bpd to be implemented in June 2026
• Full flexibility retained to increase, pause, or reverse the phase-out of voluntary adjustments, including those announced in November 2023
• Commitment to full conformity with the Declaration of Cooperation, including monitoring by the Joint Ministerial Monitoring Committee (JMMC)
• Intention to fully compensate for any overproduced volume since January 2024
• Monthly meetings to review market conditions, conformity, and compensation

The seven countries will hold their next meeting on 7 June 2026.

Full statement from OPEC:

Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability

The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 3 May 2026, to review global market conditions and outlook.

In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in June 2026 as detailed in the table below. The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023.

The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The seven countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024.

The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The seven countries will meet on 7 June 2026.

(Source: OPEC)

By John Lee.

Iraq has fallen in the World Press Freedom Index for 2026, ranking 162nd out of 180 countries, down seven places on last year.

The result puts Iraq behind countries such as Cuba and the United Arab Emirates (UAE), but ahead of Iran, Saudi Arabia and Turkiye. First place went to Norway, with Eritrea coming last.

Reporters Without Borders (RWB, RSF), which publishes the annual study, said:

"Between political instability and financial pressure, journalists face threats from all sides and are up against the weakness of the state, which is failing in its duty to protect them."

More details here.

(Source: Reporters Without Borders)