Saudi Aramco halts oil supplies to Egypt
According to an agreement worth $23 billion which had been previously signed between the two countries, Saudi Arabia was expected to provide 700,000 tons of refined products per month to Egypt for the next five years.
Egypt’s economy depends on imports and now it will face higher prices for oil products to meet the energy needs of the country. A market analyst commented that halting the supply of oil products puts Egypt in a difficult position, particularly after the country’s Central Bank decided to allow the local currency to float freely.
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