Reuters: Saudi Aramco halts oil supplies to Egypt
As per an agreement signed between the two countries, Saudi Arabia is in charge of providing 700,000 tons of refined oil products per month for five years to Egypt. The $23 billion agreement was inked between Saudi Aramco and EGPC in 2015.
However, some media reports claimed that Saudi Aramco denied that it has officially suspended the contract. Instead, the company reported that the petroleum shipments have been delayed due to the revision of Saudi Arabia’s market share following a preliminary oil output deal in Algeria to cut production.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Asian ethylene-naphtha spread at almost 7-year low
- European PVC defies global uptrend
- Turkey’s PP, PE markets at a standstill amid lingering downturn
- PVC downturn persists in China’s local market despite bullish imports
- China's PP market at almost 2-year low; H2 outlook bearish
- Asian spot ethylene market plunges to decade low
- Early July expectations emerge softer in Europe’s PP market
- Import PE prices fall to lowest in more than a decade across Asia
- Tightness pushes Asian PVC markets to 3-month high
- China’s PE market continues bearish run on sluggish demand