Sudan has put a new hurdle in the way of allowing its land-locked southern neighbor to pipe its oil to the Red Sea, South Sudanese President Salva Kiir stated on Monday, dashing plans to revive production after an 11-month break.
Highlights from market news:
- Sudan’s currency fell to a historic low against the dollar on the black market on Monday
- South Sudan shut down its entire oil output of 350,000 barrels a day after tensions with Sudan over oil fees escalated
- Any delay in restarting oil exports would be a serious blow to both crumbling economies