Bloomberg reported on Monday that Egypt is seeking to import at least one million barrels of Libyan oil per month, amid disruptions in Kuwaiti oil supplies caused by navigation disturbances in the Strait of Hormuz.
According to the report, intensive negotiations are currently underway between the National Oil Corporation and the Egyptian General Petroleum Corporation to reach an agreement that ensures the needs of Egyptian refineries, which partially rely on crude oil imports from Kuwait.
Bloomberg added that Kuwait Petroleum Corporation has declared a state of “force majeure” regarding oil sales after shipping operations were affected by disruptions in the Strait of Hormuz. This declaration allows the company to suspend supply obligations or adjust delivery schedules without incurring penalties.
The agency noted that these developments come at a time when the global energy sector is experiencing increasing disruptions, with a near-total halt in shipping through the Strait of Hormuz—through which about one-fifth of global oil trade passes—leading to rising oil and petroleum product prices.
