Egypt is seeking to import at least one million barrels of Libyan oil per month amid disruptions to Kuwaiti crude supplies caused by navigation disturbances in the Strait of Hormuz, according to Asharq Business, citing a government official. The source explained that intensive negotiations are currently underway between Libya’s National Oil Corporation and the Egyptian General Petroleum Corporation to reach an agreement that would secure the needs of Egypt’s refineries, which partially rely on crude imports from Kuwait. Egypt had been importing between one and two million barrels per month of Kuwaiti oil, in addition to around one million barrels from Saudi Aramco under credit facilities. Kuwait Petroleum Corporation has declared a state of “force majeure” on oil sales after shipping operations were affected by the disruption of navigation in the Strait of Hormuz. This allows it to suspend supply obligations or adjust delivery schedules without incurring penalties.

Source: Libya Observer March 29, 2026 18:26 UTC