Egypt’s Oil Minister, Tarek El Molla, is currently attending the International Arab Conference for Mineral Resources. He was invited by the Saudi Arabian oil minister Khalid al-Falih, to discuss suspended oil shipments.
Last month Saudi owned oil company Aramco halted shipments of fuel to its neighbor Egypt, after Egypt backed separate Russian and French draft resolutions on Syria at the UN Security Council in October, which did not make the Saudis very happy.
The market is currently down on both Heating Oil and RBOB on the NYMEX (-$0.0110 on HO and -$0.0045 on RBOB) .WTI crude is trading down -$0.76.
What else is going on in the world of oil?
- Oil prices are not showing much movement, after reaching the highest level for November
- Khalid Al-Falih urges Trump to not stop Saudi oil imports
- U.S. crude inventories have been building for three straight weeks but were forecast to have slipped about 300,000 last week, ahead of data from the American Petroleum Institute at 4:30 p.m. (Reuters)