Baghdad (IraqiNews.com) Iraq will begin exporting a monthly one million barrels of petroleum per day to Egypt as per an agreement reached two weeks ago, Iraqi ambassador to Cairo, Habib al-Sadr, said Wednesday.
Speaking to Egypt’s state-run agency MENA, al-Sadr said the light oil exports from Basra fields are open to increase with facilitated payment terms.
The agreement involves extending an oil pipeline from Iraq to Egypt via Jordan.
Petroleum exports from Iraq’s southern outlets soared to 3.510 million barrels per day in December, an unprecedented rate for central and southern export spots, according to a statement on Monday by the oil ministry.
In December, Iraqi petroleum minister Ali al-Luiabi met with the heads of major oil and natural gas companies in Cairo, inviting them to contribute to developing the industry in his country.
Iraq, which maintains the world’s second largest reserve after Saudi Ar Arabia, pledged to cut 210.000 barrels a day to 4.35 million barrels starting January in line with an historic OPEC members agreement reached in a Vienna meeting in December.
*Correction: this article was corrected so as to change “daily” one million barrels to “monthly”.