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Tuesday, September 11, 2012

Egypt ready to buy oil from Iran?

From Reuters:
Iran is in talks to sell crude oil to Egypt, Iranian Oil Minister Rostam Qasemi was quoted as saying by the Iranian Students' News Agency (ISNA) on Monday.

Iran has been looking for new buyers for its oil as western sanctions over its disputed nuclear program squeeze sales to long-time customers.

Egyptian Petroleum Minister Osama Kamal told state owned Al-Ahram newspaper earlier this month that Cairo had "no objection" to importing Iranian crude and processing it in Egyptian refineries.
There was a similar report on September 6:
According to Iran's governor, Iran wants to sell oil to Egypt, days after Egypt said it had no objection to importing crude from the state.
Once again, it appears that the new Egypt is quite ready to slap the US in the face.

Interestingly, the Saudis say that they would like to lower the price of oil at the same time that Iran wants to raise the price of theirs.