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Iraq to Become Egypt's New Oil Daddy?

Egypt and Iraq bond over oil amid tensions with Saudi Arabia.

An anonymous source at the Egyptian government revealed on October 14th that Iraq and Egypt have reached a deal by which the Iraqi government will supply Egypt with oil, reports Al Monitor. The deal was brokered by Russia and Iran.

Egypt's oil imports from Iraq already amount to 200,000 barrels, but they're expected to rise to 1,000,000, according to Youm7.

This comes as Egypt and Saudi's ties suffer after their opposing stances on the war in Syria, which was made abundantly clear when Egypt voted for Russia's peace resolution at the UN Security Council, something the Kingdom was vocally against. The fallout may have been behind Saudi oil giant Aramco's suspension of an Egypt-bound oil shipment, although this theory was dispelled by Egyptian Petroleum Minister Tarek El-Molla, who said on October 23rd that the move had "no political dimensions," according to Ahram Online.

A number of Iraqi officials voiced their support for Iraqi-Egyptian rapprochement, including Member of Parliament Adnan Al Asadi and former Transport Minister Baqir Jabr Al Zubeidi, who called on the Iraqi government to supply Egypt with oil earlier this month.

“Saudi Arabia is currently launching an extortion campaign against Egypt for its positions in support of the Arab countries in the fight against extremism and armed groups. This is why we call on the parliament and the cabinet to stand by Egypt’s side in support of its decision and in order to put an end to all political blackmail,” Asadi said.

(Photo: REUTERS/Essam Al-Sudani)


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