Iraq to ship crude oil to Egypt next April

AP News
Posted: Mar 26, 2013 8:53 AM

BAGHDAD (AP) — Iraq's top energy official says his country will sell crude oil to Egypt starting from next April.

Deputy Prime Minister Hussain al-Shahristani told The Associated Press on Tuesday that 4 million barrels will be shipped to Egypt per month.

Al-Shahristani declined to state whether Iraq will sell its crude at preferential prices, as it does with neighboring Jordan.

Egypt is short of funds to purchase fuel. A shortage of diesel in particular is adding to its economic woes and feeding anti-government sentiment.

Iraq sits atop of 143.1 billion barrels of proven oil reserves. Its daily oil production has increased remarkably since 2009, to over 3 million barrels a day from around 2.4 million barrels a day, with the help of the handful of international oil companies working there.