Sudan has lowered the transit fee it demands for South Sudanese oil in a bid to resolve a stand-off that is preventing the export of 350,000 barrels per day (bpd).
A resumption of exports would provide some relief to a global oil market burdened by concerns over declining Iranian shipments and the potential for conflict in the Gulf.
South Sudan stopped the flow of its crude through a pipeline leading through Sudan to the Red Sea after Khartoum withheld oil worth US$800 million (Dh2.9 billion) and built a pipeline to divert it to its refineries.
The Sudanese government demanded a transit fee of $36 a barrel, which the authorities in Juba, the capital of South Sudan, are unwilling to pay.
Negotiations mediated in Ethiopia by the former South African president Thabo Mbeki have so far been unsuccessful.
Sudan's energy minister this week tried to break the deadlock by announcing that his country had reduced the fee demanded to $32.20 a barrel.
"We think it's to the benefit of the two nations to allow the oil to pass," Awad Al Jaz told Reuters. "We expect this round will be more positive than before."
His announcement does little to narrow the gulf between the bargaining positions; South Sudan is not prepared to pay more than $1 a barrel.
Analysts say the new proposed fee is still more than 10 times what is commonly demanded internationally.
While talks between the two sides continue, oil continues to trade high on a supply squeeze and uncertainty over Iran.
Brent crude traded at an average of US$109 a barrel last year, and has risen further this year, trading near $125 a barrel yesterday.
Sanctions and an embargo on Iran could reduce the country's exports by up to 1 million bpd, the International Energy Agency (IEA) said in its monthly report released on Wednesday.
The threat of a military stand-off in the Gulf that could stop exports from the region further weighs on the market.
The IEA still says demand will grow by 800,000 bpd this year, and it sees potential for a further tightening of the market arising from limited supply.
"Our concerns are more slanted to the supply side. If we get this saga of unplanned stoppages affecting Opec and non-Opec producers going forward, then that risks dragging supply a bit lower," said David Fyfe, the head of the oil and industry markets division at the IEA.
Reduced inventories and slower-than-expected production growth outside of Opec is expected to keep pressure on the organisation to pump at the maximum levels allowed under its self-imposed ceiling of 30.5 million bpd for the remainder of the year, said the IEA.
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
more from Janine di Giovanni
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances