IRAQ RENEWS DEAL TO PROVIDE EGYPT WITH 12 MILLION BARRELS OF CRUDE OIL

BAGHDAD, Iraq renewed a contract to export 12 million barrels of crude oil to Egypt during the current year of 2018, the Iraqi Oil Ministry said.

“The Iraqi Oil Ministry and the Egyptian Ministry of Petroleum agreed to renew Iraq’s supplies to Egypt of 12 million barrels of crude oil in the same former conditions (of last year) starting from January 2018,” Asim Jihad, spokesman of the Iraqi Oil Ministry said in a brief statement on Sunday.

According to last year’s contract, Iraq exported six cargoes of crude oil with 2 million barrels for each to Egypt over the course of the year.

In 2010, Iraq announced its proven oil reserves had increased to 143.1 billion barrels from the previously estimated 115 billion barrels.

Source: NAM NEWS NETWORK