Egypt to import crude directly from Iraq

According to media reports, Egypt is trying to reach an agreement with Iraq in efforts to import crude directly from the country. Egypt’s petroleum minister said in a statement that the country has already been importing crude from Iraq but indirectly via international markets and that they are expecting to import between 1 million to 2 million barrels/day of crude from Iraq with a potential direct import agreement to be signed between the two countries.

The agreement is expected to be finalized by the first quarter of 2017.

Previously, Saudi Arabia had halted oil supplies to Egypt which are under $23 billion and Egypt had turned towards Kuwait for its oil demand.