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FINANCIAL NEWS
IEA: No oil shortage over Egypt yet
01 Feb 2011
(MENAFN) The International Energy Agency (IEA) said that the situation in Egypt has not created an emergency in the global oil market yet, even though oil prices are increasing, reported Trade Arabia.
IEA also said that if a case of disruption takes place, then the agency would have to take actions.
IEA also said that Suez Canal shipments are proceeding as normal. The agency also said that even if the canal was shut, it would only lead to delays in delivery, not cuts of oil supply.
These announcements came after the canal authority confirmed that shipments were not affected by the protests in Egypt. IEA received confirmations that the 1.5 million barrels per day were passing through the canal and the pipeline was shipping 1 million bpd as usual.
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