Egypt will start receiving 1m barrels of petroleum each month from Iraq

An agreement signed between the Egyptian government and its Iraqi counterpart to supply Egypt with 1m barrels of Basrah Light crude oil per month with facilitated payment terms will come into effect within the next few days. The announcement was made by Habib Al-Sadr, the Iraqi ambassador to Egypt. The Egyptian Minister of Petroleum visited Baghdad in October, after Saudi Aramco halted the five-year agreement to import 700,000 tonnes of petroleum products a month to Egypt. The Saudi decision to halt shipments led a number of deputies from the National Iraqi Alliance to call on the Iraqi government to export crude oil to Egypt with facilitated payments.