• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 1 day US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 9 mins How many drilling sites are left in the Permian?
  • 1 hour "Undeniable" Shale Slowdown?
  • 7 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 1 day Overheating the Earth: High Temperatures Shortened Alaska’s Winter Weather
  • 2 days China To Promote Using Wind Energy To Power Heating
  • 1 day Gas Flaring
  • 1 day Climate Change Protests
  • 8 hours Case against Trans Mountain Begins
  • 7 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 24 hours Everything Is Possible: Germany’s Coal Plants May Be Converted to Giant Batteries
  • 16 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 2 days Japan’s Deflation Mindset Could Be Contagious
  • 1 day Tax Credits for Energy Storage

Breaking News:

Guaido Takes Strides To Topple Maduro

Iran Looks To Sign Zero-Tariff Agreement With Iraq

Border 1

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

Oilprice - The No. 1 Source for Oil & Energy News