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

Kuwait’s cabinet approved an extension of its oil exports to Egypt starting from January, 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 tonnes of petroleum products per month through a long-term contract.

The oil-rich Gulf country will provide Egypt with up to two million barrels of crude oil a month at the global price, the sources said in the Alrai report, without giving further details.

According to Alrai, the Kuwaiti deal came to fill the gap in Egypt’s petroleum needs, which was caused after Saudi Aramco suspended its oil shipments to the North African nation for two consecutive months.

The Saudi national oil company agreed to provide Egypt with 700,000 tonnes of refined oil products per month for five years under a $23 billion deal signed earlier this year.

Egypt stopped receiving its allocations from Aramco in October.