• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 3 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 7 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 7 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 20 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 7 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Iran Looks To Sign Zero-Tariff Agreement With Iraq

Iran is ready to sign a deal with Iraq to drop the bilateral customs tariffs to zero, Iranian Foreign Minister Mohammad Javad Zarif said while on a visit to Iraq on Wednesday.

“The Islamic Republic of Iran is prepared to zero tariff rates between the two countries,” Iran’s Fars news agency quoted the foreign minister as saying.  

According to Zarif, Iran exports US$2 billion worth of gas and electricity to Iraq every year, despite the U.S. sanctions on Iran.

The American sanctions on Iran have put Iraq in a tight spot—on the one hand, Baghdad’s trade is closely linked with its neighbor Iran, but on the other hand, the United States is an ally that helps with security.

Iraq has said that it will comply with the U.S. sanctions on Iran, and just before the sanctions snapped back, Baghdad stopped trucking small volumes of crude oil from its northern Kirkuk oil field to Iran in exchange for Tehran delivering the same amount of its oil to Iraq’s southern ports.

Late last year, the United States granted Iraq a 90-day extension to the initial 45-day waiver allowing Baghdad to continue imports of electricity from Iran after the U.S. sanctions on Tehran returned.

Major Iraqi power plants are dependent on Iranian natural gas supply, while Iraq also imports electricity from Iran, as Baghdad’s power generation is not enough to ensure domestic supply.

Iraq has argued that it needs more time to find alternative sources of electricity supply, or it risks more and more power outages, which were one of the main reasons for protest rallies in the heart of Iraq’s oil region in the southern city of Basra in the summer of 2018.

During his visit to Iraq this week, Zarif also hoped to hold talks with senior Iraqi officials to look at ways to further boost cooperation and trade, Fars news agency reports.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com: 



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News