Iraqi Oil Minister Hussein Al Shahristani said Baghdad has launched an
effort to share proven crude oil reserves with Iran and Kuwait. Al
Shahristani said such an arrangement would be highly profitable amid record
oil prices.
"Iraq has entered negotiations with Kuwait and Iran," Al Shahristani
told the London-based A-Sharq Al Awsat.
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"We have informed them of the
necessity of signing an agreement to unify the oil fields and avoid a
situation where each side controls its side — as that will bleed these
fields in an uneconomical way."
Iraq has been steadily increasing oil production and exports, and in May
2008 reached its highest level since the ouster of the Saddam Hussein regime
in 2003. Iran and Kuwait have not publicly responded to the Iraqi offer of
border oil sharing.
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