ABU DHABI — Iraq has been discussing an arrangement for the sharing of border oil fields with neighboring Iran and Kuwait
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.
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. "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. http://www.worldtribune.com/worldtribune/WTARC/2011/me_oil0475_04_21.asp
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