situation report

Mar 1, 2018 | 19:20 GMT

1 min read

Egypt, Saudi Arabia: Saudi Aramco To Supply Egyptian Refineries With Crude Oil

Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla said Saudi Arabian Oil Co. (Saudi Aramco) agreed to supply Egyptian refineries 500,000 barrels of crude oil per month for six months starting January 2018, Reuters reported March 1. In October 2016, Saudi Aramco suspended oil deliveries to Egypt, which continues to be reliant on foreign crude oil. The recent agreement with Saudi Aramco provides Egypt with an important source of oil supply and could be a sign of smoother ties between the two countries, which have maintained a strained alliance in recent years.

 

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