Iraq's oil saves Lebanon from total blackout - Lebanon's acting Prime Minister

CAIRO, Egypt - Iraqi oil has saved Lebanon from a total blackout, acting Lebanese Prime Minister Najib Mikati said on Thursday, reported Sputnik.

"If it were not for Iraqi oil, Lebanon would not have had a minute of electricity," Mikati told the Al Iraqiya broadcaster.

Mikati added that the oil supplied from Iraq, in particular, has helped keep the power supply to the port of Beirut and Beirut-Rafic Hariri International Airport in the country's capital.

In 2020, Beirut and Baghdad agreed to export surplus Iraqi oil to Lebanon. The sides extended the agreement earlier this week, stipulating that Baghdad will increase oil deliveries to Lebanon by 50 per cent to 1.5 million tonnes of oil a year.

Lebanon has been experiencing a severe economic crisis since 2019 when the country's financial system collapsed due to state debt, and the Lebanese pound lost 90 per cent in its value, having lead to a decline in the purchasing power of the population.

The World Bank described Lebanon's crisis as a "deliberate depression" due to Lebanese leaders' mismanagement and the lack of effective policies. The crisis in Lebanon was ranked in the top 3 most severe crises episodes globally since the mid-nineteenth century. - BERNAMA-SPUTNIK