Although Egypt is not a major oil producer, traders are worried that the unrest could hit crude shipments through the Suez Canal and Sumed
Pipeline, which provide a link between Europe and oil producers in the Gulf.
More than 2 million barrels of crude oil are transported each day through the Suez Canal and the neighboring Sumed
pipeline," said analysts at Commerzbank in Frankfurt.
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The crude oil was lifted from the Egyptian port of Sidi Kerir, the end of the Sumed
pipeline linking the Red Sea to the Mediterranean.
Duty metropolitan magistrate Sumed
Kumar Sethi, however, extended Chadha's custody till August 13.
Now those storage tanks are bulging at Sidi Kerir-the terminus of the Sumed
pipeline that transports Iranian, Saudi, Iraqi and Egyptian oil from the Red Sea to the Mediterranean.
Iranian oil is transported through pipelines owned by Egyptian SUMED
firm, the paper says.
The focus instead was on the issue of the passage of oil tankers through the Suez Canal, the flow of petroleum through the SUMED
pipeline, from the Gulf of Suez to the Mediterranean though the Egyptian territories, and the concern that oil supplies from the Gulf to Europe might be interrupted.
Meanwhile, the youth uprising in Egypt, and the subsequent concerns in the markets that the Suez Canal and the SUMED
line may be shut down, have also recently helped sustain price increases.
The uprising against the Egyptian government is unlikely to disrupt tanker movement and oil flows along the strategic Suez canal and Sumed
pipeline, but analysts and traders said that the restive mood in the region would support prices.
Brokers said while tanker traffic through the Suez Canal made up around 15 percent of all transits, any potential impact on the Sumed
pipeline was likely to have a bigger impact on the tanker market.
The Suez Canal and Sumed
Pipeline are strategic routes for Persian Gulf oil shipments, making Egypt important from an oil transit point of view.