Monday November 7, 2016

I've Been Thinking:

The Egyptian oil minister took a trip to Iran yesterday. It has been a very long time since any senior Egyptian official traveled to Iran.

The reason for the visit is that the Saudis suspended their oil deal with Egypt last October after Egypt supported a UN resolution on Syria. It was a resolution that the Saudis opposed vehemently.

This entire move is very unusual.

The Saudis have supported Egypt since al Sisi took over. They have been Egypt's financial safety net. By going to Iran a new avenue for oil is opening for Egypt. It could be a gesture of independence on Egypt's part or, it could be simply a head fake.

Saudi Arabia was a major Egyptian benefactor. If Egypt actually does sign a deal with Iran it could shake up the entire balance in the Middle East.

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