CL Redux
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Suez Canal
About 2.5 percent of global oil production is shipped through Egypt via the Suez Canal and the adjacent Suez- Mediterranean Pipeline, according to a Goldman Sachs Group Inc. report today. The canal has the capacity to handle 2.2 million barrels of oil a day while that of the Sumed oil pipeline is 2.3 million barrels a day, Goldman said.
Ships are passing normally through the canal, which is handling 45 to 50 vessels a day, said Ahmed El Manakhly, the head of traffic for the Suez Canal Authority, the waterwayâs operator. He called the volume ânormal.â
The Organization of Petroleum Exporting Countries would increase output if current unrest in Egypt disrupts supplies of crude from the Middle East, Secretary-General Abdalla el-Badri said in London.
âIf we see a real shortage we will have to add,â he said. OPEC would act if supply was reduced by one million barrels a day or more, he said.
http://www.businessweek.com/news/20...o-year-high-in-n-y-on-egypt-unrest-brent.html
About 2.5 percent of global oil production is shipped through Egypt via the Suez Canal and the adjacent Suez- Mediterranean Pipeline, according to a Goldman Sachs Group Inc. report today. The canal has the capacity to handle 2.2 million barrels of oil a day while that of the Sumed oil pipeline is 2.3 million barrels a day, Goldman said.
Ships are passing normally through the canal, which is handling 45 to 50 vessels a day, said Ahmed El Manakhly, the head of traffic for the Suez Canal Authority, the waterwayâs operator. He called the volume ânormal.â
The Organization of Petroleum Exporting Countries would increase output if current unrest in Egypt disrupts supplies of crude from the Middle East, Secretary-General Abdalla el-Badri said in London.
âIf we see a real shortage we will have to add,â he said. OPEC would act if supply was reduced by one million barrels a day or more, he said.
http://www.businessweek.com/news/20...o-year-high-in-n-y-on-egypt-unrest-brent.html