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U.S. Sanctions Won't Affect Oil Swap Deal

Iran-Iraq crude oil swap deal will not be affected

The Iraq/Iran crude oil swap deal will not be affected by U.S. sanctions on Iran, according to Iraqi Oil Minister Jabar al-Luaibi.

Speaking at an OPEC meeting to discuss oil production levels the oil minister also revealed that the crude oil being shipped to Iran was being paid for in exchange for electricity received by Iraq. Speaking to reporters he said "We have just started really small quantities for their refineries, not on a swap basis".

Last year the two countries agreed a deal where oil from Kirkuk would be shipped to Iranian refineries, in exchange for a delivery of the same amount of oil from Iran to Iraq's Southern ports.

Source: Reuters.

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