Sudden visit of Egyptian Oil Minister to Iran

Saudi Arabia has refused to sell oil to Egypt, because the recent diplomatic scandal has recently broken out. Egyptian Oil Minister Tarek El Molla has paid an urgent visit to Iran, with which the relations remain quite strained.

Egyptian Oil Minister is reported to come to an agreement about the oil purchase.

He said: «They did not give us a reason. They only informed the authority about halting shipments of petroleum products until further notice».

Moreover, Egypt has earlier held talks with Azerbaijan about the oil purchase.

The broken contract for the delivery was for 700 tons in every month during 5 years. The amount of the transaction composed 23 billion dollars.

All these facts prove again that the balance of power in the Middle East is changing radically.