Iraq to ship crude oil to Egypt next April

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.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/cae69a7523db45408eeb2b3a98c0c9c5/Article_2013-03-26-Iraq-Egypt-Oil/id-4f04b7895543441a9b638a8ad50d1224

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