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.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops