First Iraq-flagged oil tanker in 3 decades leaves port

An oil field is seen in Kirkuk, Iraq October 18, 2017. (File photo: Reuters)
Updated 10 June 2018
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First Iraq-flagged oil tanker in 3 decades leaves port

BAGHDAD: An Iraq-flagged tanker carrying two million barrels of crude oil has set sail for the US, the first such trip in nearly three decades, the oil ministry said Saturday.
Iraq, which has been ravaged by a series of wars since the 1980s, is the oil cartel OPEC’s second biggest producer with 153 billion barrels of proven crude reserves.
“The Baghdad left Basra on Friday night headed for the United States. It is the first time since 1991 that Iraq is running its own oil tankers,” oil ministry spokesman Assem Jihad said.
Basra, in southern Iraq, is an oil-rich province.
Under late dictator Saddam Hussein, Iraq went to war with Iran between 1980 and 1988 and invaded Kuwait in 1990, before being expelled by a US-led coalition.
Since an American-led invasion of Iraq in 2003, the country has been blighted by long periods of chaos, culminating in a three-year battle against Daesh insurgents.
Infrastructure in Iraq, which depends on oil for 99 percent of revenues, was devastated but authorities have been looking to boost oil and gas output.
The country has leased four tankers and is expected to obtain three others at a later date.
In May, Iraq exported 3.49 million barrels of oil per day, according to the oil ministry.


China-US trade talks ‘making a final sprint’ — state media

U.S. Treasury Secretary Steven Mnuchin shakes hands with Chinese President Xi Jinping as U.S. Trade Representative Robert Lighthizer, left, and Chinese Vice Premier Liu He, right, look on before proceeding to their meeting at the Great Hall of the People in Beijing, China February 15, 2019. (REUTERS)
Updated 16 February 2019
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China-US trade talks ‘making a final sprint’ — state media

  • US duties on $200 billion in imports from China are set to rise to 25 percent from 10 percent if there is no deal by March 1 to address US demands

SHANGHAI: Chinese state media on Saturday expressed cautious optimism over trade talks between the United States and China, a day after President Xi Jinping said a week of discussions had produced “step-by-step” progress.
Xi made the comments at a meeting on Friday with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Beijing, after a week of senior- and deputy-level talks.
The People’s Daily, the official paper of the ruling Communist Party, said in a commentary that Xi’s meeting with US negotiators had affirmed progress made in previous talks and “injected new impetus into the next stage of the development of Sino-US trade relations.”
The talks “have made important progress” for the next round of negotiations in Washington next week, the paper said in its domestic edition.
“It is hoped that the two sides will maintain the good momentum of the current consultations and strive to reach an agreement within the set time limit,” it said.
US duties on $200 billion in imports from China are set to rise to 25 percent from 10 percent if there is no deal by March 1 to address US demands that China curb forced technology transfers and better enforce intellectual property rights.
In its overseas edition, the People’s Daily said “zero-sum thinking and games where you lose and I win can only create losses for both. Only on a basis of mutual respect and equal treatment, through dialogue and consultation, can we find a solution acceptable to both sides.”
An English-language editorial in the Global Times, which is published by the People’s Daily, said news that China had consulted on the text of a memorandum of understanding “shows the two sides have made unprecedented progress.”
“The MOU and next week’s talks both show that the seemingly endless China-US trade negotiations, like a marathon, are making a final sprint,” it said.
The newspapers cautioned that any agreement would have to be in the interests of both the United States and China.
“There are still obstacles to be overcome, and no one should underestimate how daunting a task the two sides face trying to resolve all the differences that have long existed between them in one clean sweep,” the official English-language China Daily said in an editorial.