BAGHDAD (Agencies): Iraq renewed its agreement to provide Lebanon with up to 2 million tons of crude oil for a year, Lebanese Energy Ministry said in a statement on Friday, Reuters reports.

The two countries signed a Memorandum of Understanding on Iraq providing Lebanon with fuel oil and crude oil, the Iraqi state news agency, INA, also reported on Friday, without elaborating.

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

Baghdad also agreed to increase the volume of heavy fuel oil supplied under an existing deal by 50 per cent to 1.5 million metric tonnes this year.

Under the heavy fuel oil deal, first agreed in July 2021, Iraq provides the Lebanese government with the fuel in exchange for services, including health care for Iraqi citizens.

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