Sudan Loses Billions in Oil Dispute

Reuters reported that Sudan’s oil transportation dispute with South Sudan has resulted in a loss of $2.4 billion and a significant drop in exports for Sudan.

As quoted in the market news:

“Not reaching a deal with the government of the South over transit fees and petroleum servicing has caused a gap in the public financial sector worth about 6.5 billion Sudanese pounds,” Finance Minister Ali Mahmoud told lawmakers in an address on economic performance in the first quarter of 2012.

“Regarding exports, the first quarter of 2012 saw an 83 percent decline compared to the first quarter of 2011, and this happened because of the absence of oil.”

Click here to read the full Reuters report.