Iraq renews crude oil supply deal with Lebanon

(Patria) - Iraq has renewed its agreement to provide Lebanon with up to two million tons of crude oil for one year, the Lebanese energy ministry said on Friday, Reuters reports.

The two countries signed a memorandum of understanding for Iraq to supply Lebanon with fuel oil and crude oil, Iraq's state news agency INA also reported on Friday.

In May, Lebanon signed deals to secure fuel supplies from Iraq as Beirut struggles to generate more power to help emerge from years of economic crisis.

Baghdad also agreed to increase the amount of fuel oil supplied under an existing deal by 50 percent this year to 1.5 million metric tons.

Under the fuel oil deal, first agreed in July 2021, Iraq gives the Lebanese government fuel in exchange for services including healthcare for Iraqi citizens.