The return of the U.S. sanctions on Iran will not impact an agreement between Iran and Iraq to swap crude oil, Iraq’s Oil Minister Jabbar al-Luiebi said on Friday. Iraq and Iran agreed last year to begin an oil swap deal this year, under which Iraq will send oil from its northern Kirkuk fields to Iran by truck, to be refined in Iran, while Iran will send the same amount of crude it receives to Iraq’s southern ports for exports. The deal started earlier this month, after months of delays of the original deadline to begin. Currently, the crude oil that Iraq is sending to Iran is done in payment for electricity from Iran that Iraq has received, instead of on a crude-oil-swap basis, Iraq’s al-Luiebi said on the sidelines of the OPEC meeting in Vienna today. “We have just started really small quantities for their refineries, not on […]