Egypt is seeking to import no less than one million barrels per month of Libyan oil to compensate for the halt of Kuwaiti crude supplies, amid the disruption of maritime traffic through the Strait of Hormuz due to military escalation in the region, according to a government official who spoke to "Al-Sharq" on the condition of anonymity.
The official added to "Al-Sharq" that there are "intensive negotiations currently underway between the Egyptian General Petroleum Corporation and the National Oil Corporation in Libya, to reach an agreement that allows for the import of the necessary quantities to operate the refineries in Egypt, which partially rely on imports of Kuwaiti crude."
Egypt used to import between one and two million barrels per month of Kuwaiti oil, in addition to about one million barrels from Saudi Aramco, as part of credit facilities.
Kuwait, the fifth largest producer in the Organization of the Petroleum Exporting Countries (OPEC), has reduced oil production and refining after the slowdown of shipping through the Strait of Hormuz, and the Kuwait Petroleum Corporation announced a force majeure on crude sales. Force majeure in commercial contracts refers to an exceptional event beyond the company's control that makes it impossible or temporarily difficult to fulfill contractual obligations, allowing the company to suspend shipment supplies or modify delivery schedules without incurring contractual penalties.#مصر #ليبيا #الكويت #نفط #السوق
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