To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more




TOP STORIES
Traces of water found on Mars

At least in the distant past the Red planet had a liquid bodies of water



Reuters: Egypt will have to find a new sponsor



Analysts suppose Saudi Arabia may have suspended oil supplies to the country by political reasons.



14.Oct.16 2:40 PM
By Alesya Davydova
Photo Toinnov.com

   253

Reuters: Egypt will have to find a new sponsor

Saudi Arabia’s suspending refined oil supplies may have a much deeper implication than it was thought at first, indicating a beginning of a larger conflict between the two countries. Reuters supposes that the $23 billion aid deal may be no longer implemented and Egypt will have to start searching for a new sponsor.

Analysts guess that there may be a political reason of the sudden supply halt. Most probably Saudis decided to freeze supplies because of the Egyptian position over the Syria issue which contradicts the Saudi Arabia’s point of view.

“It is about Egyptian policy... that very much contradicts the Saudi policy with regard to regional strategic threats. So Saudi Arabia is very much against Iranian expansionism in Iraq and Syria and obviously the Egyptians do not see it that way,” Jamal Kashoggi, a leading Saudi commentator, said to Reuters. “Unless Egypt re-evaluates its position I foresee more differences... that could lead eventually to a very cold relationship.”

A week ago Egypt traders did not receive a regular oil shipment from Saudi Aramco. Official reasons are still not disclosed.




Back to the list


Related Information: