Iraq approves oil pricing, export and electricity measures

BAGHDAD, Iraq — The Iraqi Cabinet approved a series of oil-sector and electricity measures during its 15th regular session, chaired by Prime Minister Ali Falih ez-Zeydi. The decisions were announced on Wednesday after the meeting was held the previous evening. The government approved a regulation on the pricing of crude oil purchases. Purchases will be made at 30% below the lower of the Iraq Oil Marketing Company price and the price set in the general budget. The measure is scheduled to take effect on September 1, 2026, with the payment benefiting the public treasury. The Cabinet also decided to implement work on removing support for petroleum products. It approved oil-export mechanisms through domestic and international expert companies under three-month contracts, effective from September 1, 2026. In the electricity sector, the Cabinet approved tender documents issued by the Central Review and Approval Committee within the Ministry of Energy for the distribution sector. Advance collection of customs duties and tax guarantees will begin on October 1, 2026; importers will deposit foreign transfers with authorized banks, and transfers will not be permitted before the taxes are paid through the ASYCUDA system.