More summer blackouts in Iraq

Iraq is expected to face more blackouts this summer as it no longer has access to the Iranian gas its electricity grid is reliant on, while oil production dropped to about a quarter of prewar levels and Baghdad is effectively unable to export its oil, the Financial Times reports. The country’s energy picture is further complicated by deep subsidies that make consumption significantly outpace supply, while straining public coffers trying to keep up. With Hormuz still effectively closed, Iraq’s oil exports are now at 600k bbl /d, down from around 3.3 mn bbl /d before the conflict. Iraq’s new cabinet headed by Prime Minister Ali Al Zaidi faces mounting challenges as it grapples with an economic crisis fueled by a drop in oil prices and a large public sector bill.

Watch this space

Morocco plans to complete the construction of its 115k-seat stadium planned for the 2030 World Cup by the end of 2027, Reuters reports. The stadium is currently around 30% complete and will, when finished, become the world’s largest soccer venue. The stadium and surrounding facilities are expected to cost some USD 1 bn.

Data point

Dubai’s annual inflation jumped to 4.8% in April as fuel, freight, and imported food costs rippled through the economy, accelerating sharply from 3.8% in March, according to data by the Dubai Statistics Center. On a monthly basis, prices were up 1.3%, accelerating from the 0.9% uptick in March.