BREAKING NEWS

S. Sudan oil shutdown could fuel inflation, unrest

By REUTERS

FEBRUARY 9, 2012 18:04

JUBA - South Sudan's shutdown of its oil production could stoke inflation and unrest unless the new nation can find alternative sources of funding to help prop up its currency, a senior finance ministry official said on Thursday.

The central African nation declared independence from Sudan in July and has since been embroiled in a dispute with its northern neighbor over how much it should pay to pipe its crude exports to the Red Sea terminal at Port Sudan.

South Sudan shut down its oil output of roughly 350,000 barrels per day - about three quarters of the united country's total - last month after Sudan took some of the crude to make up for what Khartoum called unpaid fees.

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