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Iraq to sell 4 million barrels of oil per month to Egypt starting next April, says official

Iraq's top energy official says his country will sell crude oil to Egypt starting from next April.

Deputy Prime Minister Hussain al-Shahristani told The Associated Press on Tuesday that 4 million barrels will be shipped to Egypt per month.

Al-Shahristani declined to state whether Iraq will sell its crude at preferential prices, as it does with neighboring Jordan.

Egypt is short of funds to purchase fuel. A shortage of diesel in particular is adding to its economic woes and feeding anti-government sentiment.

Iraq sits atop of 143.1 billion barrels of proven oil reserves. Its daily oil production has increased remarkably since 2009, to over 3 million barrels a day from around 2.4 million barrels a day, with the help of the handful of international oil companies working there.