Egypt is moving to secure crude oil imports from Libya to cover a supply gap estimated at around one million barrels per month, following disruptions to Kuwaiti shipments linked to tensions in the Strait of Hormuz.
According to an Egyptian government official, Cairo is seeking to import at least 1 million barrels of Libyan crude oil per month to ensure the continued operation of its refineries. The move comes after Kuwait declared force majeure on some oil exports due to shipping disruptions in the region, forcing Egypt to look for immediate alternatives.
Talks are currently underway between the Egyptian General Petroleum Corporation and Libya’s National Oil Corporation to reach an agreement on supplying the required volumes. The discussions aim to secure a stable and reliable flow of crude oil in the short term.
Sources also indicated that Masoud Suleman, chairman of the National Oil Corporation, is visiting Cairo during a major energy event, where negotiations are expected to continue. If both sides reach an agreement, an official announcement could follow soon.
Egypt had previously relied on importing between one and two million barrels of crude oil per month from Kuwait under credit arrangements. The disruption of these supplies has created urgency for Cairo to diversify its sources and maintain energy stability.
Libya’s proximity and significant oil reserves make it a practical option. Increased exports to Egypt could also support Libya’s efforts to expand its energy partnerships and strengthen its role in regional markets.
Egypt is moving to secure crude oil imports from Libya to cover a supply gap estimated at around one million barrels per month, following disruptions to Kuwaiti shipments linked to tensions in the Strait of Hormuz.
According to an Egyptian government official, Cairo is seeking to import at least 1 million barrels of Libyan crude oil per month to ensure the continued operation of its refineries. The move comes after Kuwait declared force majeure on some oil exports due to shipping disruptions in the region, forcing Egypt to look for immediate alternatives.
Talks are currently underway between the Egyptian General Petroleum Corporation and Libya’s National Oil Corporation to reach an agreement on supplying the required volumes. The discussions aim to secure a stable and reliable flow of crude oil in the short term.
Sources also indicated that Masoud Suleman, chairman of the National Oil Corporation, is visiting Cairo during a major energy event, where negotiations are expected to continue. If both sides reach an agreement, an official announcement could follow soon.
Egypt had previously relied on importing between one and two million barrels of crude oil per month from Kuwait under credit arrangements. The disruption of these supplies has created urgency for Cairo to diversify its sources and maintain energy stability.
Libya’s proximity and significant oil reserves make it a practical option. Increased exports to Egypt could also support Libya’s efforts to expand its energy partnerships and strengthen its role in regional markets.
