New Border Agreement Allows Oil Exports to Resume in Sudan, South Sudan

Reuters reported that the creation of a new border security arrangement between Sudan and South Sudan means that oil exports from the south will again be able to travel through the north. It will likely take a few months for exports to start up again.

As quoted in the market news:

The leaders of the African neighbors reached a breakthrough after four days of talks in the Ethiopian capital, Addis Ababa, both delegations said.

The African Union worked to broker the agreement and the U.N. Security Council had warned of sanctions against both states if no deal is done.

While the security deal should provide both nations with the oil revenues needed to stave off economic collapse, they have yet to sort out several other conflicts left over from South Sudan’s secession in July 2011.

Click here to read the full Reuters report.