(Reuters) Libya’s Marsa al Brega port, which local sources said reopened on Tuesday, may handle oil cargoes in the next few days, a shipping source close to the trade said.
But the worst disruption to Libya’s oil sector since the civil war of 2011 continued, with the largest terminals, Es Sider and Ras Lanuf, still blocked by protesters for nearly four weeks.
A political crisis in Egypt has also stoked supply worries as the country is home to the Suez Canal and the Sumed pipeline, which together carry around 4.5 million barrels per day of oil between the Red Sea and the Mediterranean.
The Egyptian army has said it will guarantee the safety of the canal and pipeline but any disruption could have a major impact on oil prices.
For now, prices are not expected to see much of an upside from the geopolitical worries, Rampono said.
“Markets have factored in production cuts from Libya and there’s no issue of exports disruption at the Suez Canal.”