Egypt to import 2 million barrels of crude oil from Kuwait

According to media reports, Kuwait’s cabinet reported that they are extending oil exports to Egypt with a grade period of nine months as of January. Egypt had signed a long-term contract with Kuwait in 2014 to import 2 million barrels of crude oil and 1.2 million tons of petroleum products per month from the Gulf country.

Saudi Aramco had inked an agreement worth $23 billion with Egypt for exports of 700,000 tons of refined oil products a month for 5 years in early 2016. However, Aramco took a decision to suspend oil exports to Egypt for two months in October. Kuwait will meet the oil needs of Egypt with this deal following suspension of oil exports from Saudi Aramco.