Iraqi Customs Collect Fees on Jordanian Products

Iraqi Customs Collect Fees on Jordanian Products
TT

Iraqi Customs Collect Fees on Jordanian Products

Iraqi Customs Collect Fees on Jordanian Products

Director General Amman’s Chamber of Industry Nael al-Husami said that despite the decision by the Iraqi authorities to exempt Jordanian products from customs fees since the end of 2016, "Iraqi authorities are still collecting fees on Jordanian products.”

Jordanian Trade and Finance Minister Ya'areb al-Qudah announced on Tuesday that the Iraqi authorities have approved to exempt a new list of 170 Jordanian products from customs fees, which were imposed by 30% by the end of 2016, explaining that over 541 Jordanian products have been exempted from fees so far out of a list of 750 products that Jordan had handed over to Iraq.

Husami called on the Jordanian government to address the concerned authorities on the Iraqi side to expedite the application of customs exemptions imposed by the Iraqi government on all its imports, especially after opening the border crossing between the two countries late 2016.

The Jordanian government hopes the opening of the border crossing contributes to re-exporting Jordanian goods to the Iraqi market as before as it has seen a significant decline in recent years.

Husami also called for cooperation between the Jordanian and Iraqi sides to facilitate the flow of Jordanian exports into the Iraqi market so that Jordanian industrial companies can maintain their production capacity, especially in light of the repercussions of the Syrian crisis.

He said that this could happen through allowing Jordanian trucks to enter Iraqi territories to load the goods or deliver Jordanian products to their importers there, especially that Jordanian goods are still very popular in the Iraqi market.

This was reflected in the great demand witnessed by the Jordanian wing at the Baghdad International Fair, which was held last November.

The chamber is studying the idea of organizing a Jordanian industrial exhibition in Baghdad this year titled, “Made in Jordan,” to consolidate the presence of Jordanian industries in the Iraqi market, Hussami added.

He further noted that the volume of Jordanian exports in January amounted to about 70 million dollars and that the chamber's goal is to export goods worth 200 million dollars in the coming period.



Oil Slips on Buildup in US Gasoline Stocks; Eyes on Weekend OPEC+ Meeting

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
TT

Oil Slips on Buildup in US Gasoline Stocks; Eyes on Weekend OPEC+ Meeting

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices drifted lower on Thursday after a surprise jump in US gasoline inventories, with investors focusing on the OPEC+ meeting this weekend to discuss oil output policy.
Brent crude futures fell by 14 cents, or 0.2%, to $72.69 per barrel by 0401 GMT, while US West Texas Intermediate crude futures were also down 14 cents, or 0.2%, at $68.58 a barrel.
Trading is expected to be light due to US Thanksgiving holiday kicking off from Thursday.
Oil is likely to hold to its near-term bearish momentum as the risks of supply disruption fade in the Middle East and stemming from the higher-than-expected US gasoline inventories, said Yeap Jun Rong, a market strategist at IG.
US gasoline stocks rose 3.3 million barrels in the week ended on Nov. 22, the US Energy Information Administration (EIA) said on Wednesday, countering expectations for a small draw in fuel stocks ahead of record holiday travel.
Slowing fuel demand growth in top consumers the United States and China has weighed heavily on oil prices this year, although supply curtailments from OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, have limited the losses.
OPEC+ will meet on Sunday. Two sources from the producer group told Reuters on Tuesday that members have been discussing a further delay to a planned oil output hike that was due to start in January.
A further deferment, as expected by many in the market, has mostly been factored into oil prices already, said Suvro Sarkar, energy sector team lead at DBS Bank.
"The only question is whether it's a one-month pushback, or three-month, or even longer. That would give the oil market some direction. On the other hand, we would be worried about a dip in oil prices if the deferments don’t come," he said.
The group, which pumps about half the world's oil, had previously said it would gradually roll back oil production cuts with small increases over many months in 2024 and 2025.
Brent and WTI have lost more than 3% each so far this week, under pressure from Israel's agreement to a ceasefire deal with Lebanon's Hezbollah group. The ceasefire started on Wednesday and helped ease concerns that the conflict could disrupt oil supplies from the top producing Middle East region.
Market participants are uncertain how long the break in the fighting will hold, with the broader geopolitical backdrop for oil remaining murky, analysts at ANZ Bank said.
Oil prices are undervalued due to a market deficit, heads of commodities research at Goldman Sachs and Morgan Stanley warned in recent days, also pointing to a potential risk to Iranian supply from sanctions that might be implemented under US President-elect Donald Trump.