Iraq Renews Contract to Supply 4 Million Barrels of Crude Oil to Egypt

The Iraqi government has approved the renewal of its contract with Egypt regarding 4 million barrels of medium Basra crude oil for June and August. The Iraqi Cabinet announced today, Monday, that it approved a recommendation for the Energy Ministerial Council to renew the contract with the Egyptian General Petroleum Corporation for the purchase of four million barrels of medium Basra crude oil, with two million barrels allocated for June and two million barrels for August. Cairo and Baghdad signed an agreement in 2016 allowing Egypt to import one million barrels of Iraqi Basra crude monthly with payment facilities.