Egypt has enough oil products to meet domestic demand for a long time, according to a statement by the cabinet office released on 2 March.
Egyptian refineries largely run on imported crude from Saudi Arabia, importing an average of 770,000 b/d over the last year according to marine traffic tracking platform Vortexa, although some of these flows are re-exported once entering Egypt. The majority of these flows originated in Red Sea Saudi ports and so do not have to navigate the strait of Hormuz. This could insulate them to some extent from disruption following Iranian attacks targeting Gulf oil production and refining infrastructure.
The nation's state-owned Egyptian General Petroleum Corporation (EGPC) issued new spot tenders for prompt gasoline and gasoil deliveries on 2 March. The petroleum ministry on 28 February reported it had improved refinery production capabilities and increased domestic reserves of oil products over the past several years. Ship traffic through the strait of Hormuz has nearly ground to a complete halt since the 28 February when the US and Israeli attacks on Iran begun, falling by 94pc from then to 1 March according to the Joint Maritime Information Center (JMIC).
Egypt imported 20,000 b/d of Libyan crude and 30,000 b/d of Russian crude in February, according to Vortexa.
So far Iranian attacks have focused on countries in the region with active US military bases, of which Egypt has none.
To further ensure Egyptian refineries continue to function and serve the domestic market, the Egyptian cabinet says gas supplies will be prioritised for electricity and petroleum products production, as opposed to competing industrial uses.
