Iraq in May 2026: the most important developments in economy
In May 2026 Iraq's economic news was dominated by its oil exports and the closure of the Strait of Hormuz. Iraq exported 10 million barrels of oil through the strait in April. On 5 May it offered crude at discounts of more than $30 a barrel to buyers willing to send tankers through the strait, and it began exporting oil by a new land route. Iraq said its output and exports could recover within a week once the Hormuz crisis ended. Trader Vitol later offered Iraqi crude outside the strait, and a Norwegian oil firm halted production in Iraqi Kurdistan because of the war.
On 7 May the United States sanctioned an Iraqi official over allegedly aiding Iranian oil sales, and it suspended cash shipments and security cooperation to pressure the Iraqi government. Iraq approached the IMF and World Bank for financial support after the war with Iran, Qatar Airways resumed flights to Iraq, and Baghdad was reported to be considering moving the sheep transit route to Syria away from Jordan.
by WorldBrief & Maksim Micheliov | AI-generated summary
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