Iraq to supply oil to Sudan on credit

barrels sudan-elvert barnes flickrAccording to industry sources, Iraq’s output is about 3.5mn bpd. (Image source: Elvert Barnes/Flickr)Sudan has said that Iraq will provide the cash-strapped African nation with oil while deferring payment

According to oil industry sources, Sudan lost most of its own oil production, and the resulting export earnings, when South Sudan separated in July 2011.

Mustafa Osman Ismail, Sudan’s investment minister, said, “Iraq agreed to give us an amount of oil that we will pay later.” The amount of oil to be imported, however, has not yet been revealed.

In April 2013, Awad Abdul Fatah, an official in Sudan’s oil ministry, said the country was producing about 130,000 bpd, down from around 470,000 bpd before South Sudan’s split.

Fatah added, “Sudan is importing close to one million barrels a month of diesel and other products to meet its domestic needs.”

Iraq is a member of the Organisation of the Petroleum Exporting Countries (OPEC) and has an output of about 3.5mn bpd.

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