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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
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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.

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Business

Dollar Nears Six-week High; Mixed Signals on US-Iran Deal Feed Uncertainty

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)
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Dollar Nears Six-week High; Mixed Signals on US-Iran Deal Feed Uncertainty

US dollar banknotes (Reuters)
US dollar banknotes (Reuters)

The dollar traded near six-week highs on Friday, after conflicting signals over a US-Iran peace deal whipped up volatility across financial markets, though investors latched on to hopes of some progress. Washington and Tehran stuck to opposing stances over the latter's uranium stockpile and control of the Strait of Hormuz, although US Secretary of State Marco Rubio said there had been "some good signs" in talks. The dollar rose 0.17% against a basket of six major currencies to 99.37, just shy of six-week highs.

The euro, which was headed for a second weekly loss, was down 0.2% on the day at $1.1594, while the pound was slightly lower at $1.342, having shrugged off data earlier that showed retail sales dropped by the most in nearly a year in April, as consumers felt the pinch of the inflationary effects of the Iran war. The dollar found additional support from US data, which showed weekly jobless claims fell last week while manufacturing activity rose to a four-year high in May, underscoring resilience in the world's largest economy.

"We're coming to the end of week 12, we're six weeks in the ceasefire, and I'm just not really that convinced we're any closer to a resolution between the US and Iran," Tony Sycamore, a market analyst at IG, said of the Middle East war.

"I still feel like the risks are for the US dollar to go higher, because I really just don't see a way out of this situation in the Middle East without them sort of needing to be more forceful."

The US dollar's strength and persistently high oil prices have spelled pain for the yen, which on Friday struggled on the weaker side of 159 per dollar. It was 0.1% lower at 159.09 per dollar. The yen is teetering even after likely intervention from Tokyo just weeks ago to support it. It has given up nearly 75% of its gains from the presumed intervention, which has left traders on alert for further moves by Japanese authorities.

"It's just buying time, really. What they need is a change in fundamentals, and I think the best thing that could happen is a quick deal to end the Iran conflict," said Lee Hardman, a currency strategist at MUFG.

"I don't think you'd see dollar/yen drop too sharply from here, but even if it just got back down into the mid 150s, taking some of the selling pressure off the yen, that would probably be the best they can hope for right now."

The Bank of Japan is only expected to raise borrowing costs gradually while other central banks, including the European Central Bank, are likely to deliver hikes far more quickly, which puts the yen at a disadvantage with investors who seek out extra returns from higher domestic interest rates.

On a trade-weighted basis, the yen is at record lows, which favours its exporters but compounds the energy-price shock, given Japan's reliance on imported goods. Data on Friday showed Japan's core inflation slowed to a four-year low in April, complicating the outlook for BOJ policy.

Currencies in emerging Asia have also come under immense pressure owing to the surge in global oil prices, forcing policymakers to take increasingly urgent and unusual steps to shore up their economies. The Turkish lira hit record lows against the dollar on Friday after a court ruling went against the main opposition party.

 

 

 

Business

Gold Set for Weekly Loss as Oil-driven Inflation Fears Boost Rate-hike Bets

A gold bar inside a jewelry shop in the Gold Market on Al-Moez Street in Old Cairo (Reuters)
A gold bar inside a jewelry shop in the Gold Market on Al-Moez Street in Old Cairo (Reuters)
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Gold Set for Weekly Loss as Oil-driven Inflation Fears Boost Rate-hike Bets

A gold bar inside a jewelry shop in the Gold Market on Al-Moez Street in Old Cairo (Reuters)
A gold bar inside a jewelry shop in the Gold Market on Al-Moez Street in Old Cairo (Reuters)

Gold edged lower on Friday and was headed for a second consecutive weekly drop, as elevated oil prices fueled fears of inflation and boosted expectations of a US interest rate hike this year. Spot gold was down 0.4% at $4,523.42 per ounce, as of 1148 GMT. The metal has shed about 0.4% so far in the week. US gold futures for June delivery lost 0.4% to $4,524.30. Brent crude oil prices held above $105 a barrel as investors doubted the prospects of a breakthrough in US-Iran peace talks, even as Iranian media reported that Iran's foreign minister met Pakistan's interior minister on Friday to discuss proposals to end the war.

"Given the current high negative correlation to oil, dollar, and yields, these – especially oil - will set the tone for gold in the upcoming sessions," said Ole Hansen, head of commodity strategy at Saxo Bank. Higher oil prices stoke inflation risks, increasing chances of higher-for-longer interest rates. While gold is traditionally seen as a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal. Markets are now pricing in a Federal Reserve rate hike before year-end, with a 58% chance of at least one 25 basis-point hike by December, according to CME Group's FedWatch tool.

The dollar held near a six-week high, making greenback-priced bullion more expensive for holders of other currencies.

"Technically, the 200-day moving average at $4,372 and the 50-day at $4,667 continue to define the outer boundaries, with gold likely retaining a slight negative bias until the Middle East crisis is resolved," Hansen said. Elsewhere, US President Donald Trump will swear in Kevin Warsh as Fed chair later in the day at the White House, the administration said. Spot silver fell 1% to $75.92 per ounce, platinum lost 1.5% to $1,936.45 and palladium fell 0.8% to $1,367.70. All the metals were on course for weekly losses.

Business

Supply Minister: Egypt Plans Global Grain Hub

A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice
A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice
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Supply Minister: Egypt Plans Global Grain Hub

A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice
A man shows grain in his wheat product on this family's land in Tulia, Texas, US, May 13, 2026. REUTERS/Annie Rice

Egypt, the biggest buyer of Russian wheat, aims to create a global grain trading and storage hub, Supply Minister Sherif Farouk said on Friday, speaking at a grains event in the Russian city of Sochi.

Faruk said that Egypt is pursuing an ambitious ⁠and comprehensive strategy to ⁠transform the country into a hub for the storage and processing of grain crops as well as trading grain throughout the Middle East, ⁠Africa, and other regions.

"In this context, Egypt now wants to establish a global hub for grains," Farouk said, adding that the project will include modern elevators, transport systems, and processing and storage facilities.

He said that Egyptian and Russian commodity exchanges could join forces ⁠in ⁠the modernization of Egypt's grain trading infrastructure, developing pricing benchmarks, and ensuring supply chain's transparency.

"Egypt will continue to strengthen its relationship with Russia in developing grain tracking systems. All these efforts will help us improve transparency and resilience in the strategic commodity market," Farouk said.