Kuwait to supply Egypt with 2 million barrels of oil per month

by WorldTribune Staff, November 16, 2016

Kuwait has agreed to supply Egypt with up to two million barrels of crude oil per month at the global price, a report said.

Kuwaiti oil tanker
Kuwaiti oil tanker

The Kuwait deal will fill the gap in Egypt’s oil needs after Saudi Aramco suspended its shipments to Cairo in October.

Kuwait’s cabinet on Nov. 14 approved an extension of its oil exports to Egypt with a grace period of nine months, Kuwaiti newspaper Alrai reported, citing ministerial sources.

Egypt agreed with Kuwait in 2014 to import two million barrels of crude oil and 1.2 million tons of petroleum products per month through a long-term contract.

Prior to suspending shipments, the Saudi national oil company (Aramco) had agreed to provide Egypt with 700,000 tons of refined oil products per month for five years under a $23 billion deal signed earlier this year.