Jordan's trade deficit widens 10.5%

Updated 23 August 2014
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Jordan's trade deficit widens 10.5%

AMMAN: Jordan's trade deficit widened in the first six months of this year by 10.5 percent to 5.35 billion dinars ($7.5 billion) compared with the same period in 2013, due to a higher bill for Saudi oil and increased consumption, official data showed on Wednesday.
Officials say Jordan's economy is struggling with the burden of accommodating an influx of over 1.4 million Syrian refugees fleeing turmoil in their country while inflows of foreign direct investments have been hurt by regional political uncertainty.
Imports rose 9.2 percent in January-June from a year earlier to 8.3 billion dinars, according to the Department of Statistics data.
A chronic trade deficit and spiraling budget deficit have for years been among the biggest concerns for Jordan's economic policymakers.
Jordan, which imports most of its energy from Saudi Arabia, saw its crude oil import bill in the first six months of the year of the year rise 27 percent to 2.26 billion dinars against 1.77 billion last year, the data showed.
The Kingdom's exports totaled 2.94 billion dinars in the period, up 6.8 percent from 2.75 billion dinars in the same period last year.


Trump says will not accept high oil prices, crude dips

Updated 22 min 17 sec ago
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Trump says will not accept high oil prices, crude dips

WASHINGTON: US President Donald Trump on Friday criticized OPEC for output reductions that have helped raise oil prices and said the action would not be tolerated, as oil prices appeared set for a second consecutive week of gains.


“Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea.

Oil prices are artificially Very High! No good and will not be accepted!” Trump said on Twitter.

White House officials could not be immediately reached to comment on any action the Trump administration planned to take regarding oil or OPEC, the Organization of the Petroleum Exporting Countries.

After the president’s tweet, Brent and WTI crude prices turned negative. OPEC member countries are slated to meet in June in Vienna to decide their next steps after reducing output since January 2017 in a move aimed at supporting prices.

Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources have told Reuters, a sign Riyadh will seek no changes to an OPEC supply-cutting deal even though the agreement’s original target is within sight.