Iraq talks with Kuwait, Iran on shared oil – report

DUBAI (Reuters) – Iraq, home to the world’s third largest proven oil reserves, is in talks with neighbouring Iran and Kuwait to reach a deal to pool shared oilfields, the London-based Asharq al-Awsat reported on Sunday.

“Iraq has entered negotiations with Kuwait and Iran,” it quoted Iraqi Oil Minister Hussain al-Shahristani as saying.


“We have informed them of the necessity of signing an agreement to unify the oil fields and to move away from a situation where each side has control from its side as that will bleed these fields in an uneconomical way.”

Iraq is hoping for a further output boost after oil production and exports reached a post-war high in May.

Reuters