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Egypt is currently suffering a serious water crisis, with the United Nations predicting the drop in supply will hit crisis point within a decade.
The drop in supply comes when the demand for olive oil is at an all-time high, as more people develop a taste for the kitchen staple.
A spokesman for gas and oil company MOL Rt told Associated Press that its Russian suppliers had warned it of the drop in supply yesterday morning.
An unexpected drop in supply or rise in demand could create a floor for prices, ease the glut and eventually lead to a slow recovery.
However, there were jitters among countries which suffered a drop in supply in 2006, and the new holder of the EU presidency, the Czech Republic, urged the parties to "rapidly reach a successful outcome".
He and other economics commentators citing this fact never explain why the very same ratio should not be interpreted as a drop in supply, or as a combination of reduced supply and reduced demand.
Similar(43)
A very mild start to the year gave no hint of the chaos to come, but by the end of January, south-west England was battered with blizzards, much of Devon isolated, and people were relying on troops to clear the roads and railways, and the RAF to drop in supplies.
Flanked by the Henry Hudson Parkway and the Harlem River Drive and not far from the Major Deegan Expressway and the George Washington Bridge, the precinct is an easy place for dealers to drop in for a supply of powdered or crack cocaine and speed away.
Traders had expected a drop in supplies.
Traders and analysts estimated a 300,000- to 500,000-pound drop in supplies.
On Friday, the European Union activated an emergency council of energy officials who coordinate shipments between countries to alleviate a drop in supplies from outside the bloc.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com