Egypt is moving to secure alternative energy supplies by negotiating imports of Libyan crude, as disruptions in Gulf shipments strain its refining capacity.
Officials said, on Sunday March 29, Egypt is seeking to import at least one million barrels of oil per month from Libya, with talks underway between the National Oil Corporation and the Egyptian General Petroleum Corporation to finalize an agreement.
The shift follows supply interruptions from Kuwait, where the Kuwait Petroleum Corporation declared force majeure due to navigation disruptions in the Strait of Hormuz. The waterway, which carries roughly a fifth of global oil trade, has seen a near-total halt in shipping, triggering price volatility across energy markets.
Egypt had previously relied on Kuwaiti imports of up to two million barrels monthly, alongside additional supplies from Saudi Aramco under credit arrangements. The broader energy landscape remains fragile, with QatarEnergy also suspending operations at a major liquefied natural gas facility following a drone attack, heightening concerns of sustained supply shocks.
Analysts warn that prolonged instability in the Gulf could further escalate global oil prices, prompting countries like Egypt to diversify supply chains and reinforce energy security strategies.
