Country agrees to cut oil transit fees for South Sudan crude

Sudan has agreed to cut the transit fees for South Sudanese oil crossing its territory via pipeline to the Red Sea, the official Sudan News Agency said on Thursday.

"President of the republic agrees to reduce South Sudan Oil's transit fees," the agency said in a brief statement.

It gave no more details and it was not immediately clear what the new transit fees were.

Local media had reported in recent weeks a growing standoff between Sudan and South Sudan over oil transit fees, with the south wanting a reduction as the collapse in global oil prices meant that transit costs sometimes exceeded the price of crude.

Sudan lost most of its oil earnings when the south seceded in 2011 and is acutely short of revenue.