Cairo - Mubasher: Egypt has decided not to proceed with a deal to import 1 million crude oil barrels monthly from Iraq, according to Egyptian newspaper Al-Mal.
Iraq did not agree to give Egypt a suitable grace period, the newspaper reported citing unnamed sources as saying.
They added that Saudi Aramco will resume providing Egypt with oil.
Egypt asked to have a one-year grace period; however, the Iraqi side agreed to only 90 days.
In October 2016, Aramco had announced it will stop supplying Egypt with oil, but cancelled the decision last month.
In December, Egypt’s petroleum minister Tarek El Molla said that the most populous Arab country was looking to sign a direct deal to import oil from Iraq, which it had been receiving by way of global markets.
