Iraq to Give Jordan Free Crude Oil

By John Lee.

The Iraqi cabinet decided on Tuesday to give neighboring Jordan 100,000 barrels of oil as a gift to help it overcome its economic difficulties.

According to a report from Businessweek, the move could be seen as an attempt by the Shiite-led Iraqi government to offer support to one of its Sunni neighbors.

Hundreds of thousands of Iraqis have fled to Jordan because of violence that followed the 2003 U.S.-led invasion of their country.

Recent increases in energy prices have sparked nationwide protests in Jordan, some of them violent, and there have even been calls for Jordan’s King Abdullah II to step down.

According to an agreement with Iraq, Jordan buys 15,000 barrels of oil a day, with preferential prices of less than $18 a barrel, about one-fifth of the current market price of oil.

(Source: Businessweek)

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