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On 23rd June 2017, Saudi Arabia and its allies issued a list of demands giving Qatar 10 days to respond to their ultimatum. It has now been just over a month since seven countries announced that they will be cutting all diplomatic ties with the Gulf nation
5th July saw the leaders of the four countries seeking to isolate the tiny Gulf nation met in Cairo, the capital of Egypt and advised they have received a response from Qatar and will be looking to respond to their response in a timely manner.
Here is the full list of the demands put forward by Saudi Arabia and its allies –
This has had an overall effect on the market, we have seen the oil prices plummet in the recent weeks (red vertical line – the day other countries announced cutting all diplomatic ties with Qatar), of course this is not directly linked with the situation with Qatar as there are other factors that can affect the price of oil.
The two major being Geo political risk particularly with what happening in other parts of the Middle East such as Syrian Crisis and global supply and demand (mainly from developing countries). This may still have an impact on the price as the dialogue with the countries involved continues.
It’s worth noting that the Qatari stock market lost around 15 billion dollars in market value (10%) since all diplomatic ties were cut off by the other countries involved.
By: Klavs Valters
GO Markets
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