Egypt urgently reorients oil imports to Libya due to disruption of supplies from Kuwait
Kyiv • UNN
Cairo will import 1.2 million barrels of oil from Libya monthly due to the cessation of supplies from Kuwait. The country is intensifying energy saving for market stability.
Egypt plans to import at least 1 million barrels of Libyan oil monthly to compensate for the halt in supplies from Kuwait amid the virtual paralysis of the Strait of Hormuz. This is reported by Bloomberg, writes UNN.
Details
According to sources, the agreement provides for regular supplies from Libya of about 1.2 million barrels per month. Thus, Cairo is trying to maintain the stability of the fuel market amid the protracted war in the Middle East.
Problems began after Kuwait was forced to cut oil production and declare force majeure on crude oil exports due to disruptions in shipping in the Strait of Hormuz.
Iran allowed 20 Pakistani ships to pass through the Strait of Hormuz28.03.26, 23:31 • 7542 views
For Egypt, this is a painful blow, as local refineries are partially dependent on Kuwaiti crude oil, as well as on supplies from Saudi Arabia.
Energy pressure on Egypt is only growing
Amid the war between Iran and the American-Israeli bloc, the energy burden on Egypt is sharply increasing. The country is already facing not only risks in the oil market, but also problems in the gas supply sector.
Because of this, the authorities began to strengthen the energy saving regime, in particular by reducing the operating hours of establishments and shops. For Cairo, the issue of new fuel sources is already moving from the economic plane to the issue of internal stability.