Jordan to Import Iraqi Oil at Incentive Pricing

An oilfield is seen in the Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. REUTERS/Alaa Al-Marjani/File Photo
An oilfield is seen in the Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. REUTERS/Alaa Al-Marjani/File Photo
TT
20

Jordan to Import Iraqi Oil at Incentive Pricing

An oilfield is seen in the Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. REUTERS/Alaa Al-Marjani/File Photo
An oilfield is seen in the Dibis area on the outskirts of Kirkuk, Iraq October 17, 2017. REUTERS/Alaa Al-Marjani/File Photo

Jordan and Iraq on Wednesday stressed their keenness to enhance economic relations and discussed the possibility of Iraq importing 30,000 barrels per day of oil to Jordan at incentive prices.

Iraq started in 2012 providing 10,000 bpd to Jordan at preferential prices of USD18 less than global prices.

The discussions were held between Deputy Prime Minister and Minister of State Rajai Muasher, and Iraqi Deputy Prime Minister for Economic Affairs and Minister of Finance and Planning Fuad Hussein.

Jordan and Iraq stressed their keenness to enhance economic relations. They stressed that the ties between the two nations should be complementary and not competitive to serve both countries' best interests.

Muasher stated that he looked forward to developing ties and enhancing them, affirming the country’s readiness to coordinate with Iraq the sisterly country. In his turn, Hussein expressed pride in Iraqi-Jordanian ties that he described as historic. He added that Iraq entered a new phase after quashing the terrorist groups and forming a new government.

In the transport field, the two sides agreed to increase focus on the Karameh-Tureibil Border Crossing and improve air and maritime transport by providing facilities for importers in the Iraqi private sector.

They also discussed the possibility of exempting Jordanian exports to Iraq from customs fees, establishing joint industrial zones, launching integrated industries, and starting joint investment projects between both countries’ private sectors to encourage Iraqi investments in the Kingdom.

Discussions covered cooperation in energy and electricity sectors, as Jordan can export more than 1,000 gigawatts of electricity to the western areas of Iraq.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
TT
20

Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.