• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 1 hour 60 mph electric mopeds
  • 1 min COVID 19 May Be Less Deadly Than Flu Study Finds
  • 5 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 4 hours China to Impose Dictatorship on Hong Kong
  • 13 mins Russia loses its chance to capture the EU gas market
  • 4 hours Why 2030-Isn.t-The-Magic-Year-For-Electric-Vehicles
  • 5 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 7 hours Payback Time: Republican Senators turn the tables on Democrats. The difference is the Republican investigations are legit.
  • 10 hours Iran's first oil tanker has arrived near Venezuela
  • 4 hours DEFIANCE – There are More of Us Than Them
  • 28 mins So the President is on that Hydroxy
  • 4 hours Let’s Try This....
  • 18 hours Ventura County to Replace Natural Gas Generation with Battery Storage
The Risky Road To Oil Demand Recovery

The Risky Road To Oil Demand Recovery

Oil demand is rebounding quickly…

Why U.S. Shale Is Too Important To Fail

Why U.S. Shale Is Too Important To Fail

The U.S. shale sector is…

Iraq May Stop Iran Energy Imports If US Doesn’t Extend Waiver

Iraq may have serious problems in securing its energy needs if the United States doesn’t extend a waiver for an Iraqi bank to process payments for Iraq’s imports of electricity and natural gas from Iran, the head of the Iraqi bank told AFP on Tuesday.  

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

The U.S. has regularly extended the waivers for Iraq to continue buying natural gas and electricity from Iran, even after the U.S. slapped sanctions on Iran and continued to ramp up those sanctions over the past year.

The waiver for the Iraqi bank handling the payments to Iran in Iraqi dinars expires next month. If the U.S. doesn’t extend the waiver, the bank—

Trade Bank of Iraq (TBI)—will stop processing payments, the head of the bank Faisal al-Haimus told AFP on Tuesday.

“If the waiver ended, of course TBI will not pay for any gas or deal with any Iranian entity over gas or electricity. Absolutely,” the bank’s executive told the agency.

The bank cannot afford not to comply with all regulations, including U.S. sanctions on Iranian entities, he said.

The U.S. sanctions typically work by cutting off access to the U.S. banking system of persons or entities that deal with sanctioned countries and businesses, as is the case with Iran.

Iraq’s energy sector may become collateral damage in the recent U.S.-Iran tensions which unfolded on Iraq’s territory.

U.S. President Donald Trump threatened sanctions on Iraq earlier this month, after Iraq’s parliament called on the Iraqi government to expel foreign troops out of the country.

If the U.S. follows through with the threat, it could block Iraq’s access to a U.S.-based account, where Iraq deposits its oil revenues that make up 90 percent of the Iraqi budget. Such a sanction move could cause an economic “collapse” in Iraq, local officials told AFP last week.

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