Exports of crude oil from the Middle East to Europe have been dropping sharply as the region’s dominant producers prioritize their key Asian markets while implementing unprecedented Opec+ cuts. The upshot is that flows through the Sumed pipeline which links Egypt’s Red Sea terminal of Ain Sukhna to the Mediterranean terminal of Sidi Kerir have dropped to more than four-year lows.
The pipeline is operated by the Arab Petroleum Pipelines Company (Sumed) which is owned by Egypt’s state oil firm EGPC (50%), Saudi Aramco (15%), Kuwait Investment Authority (15%), Abu Dhabi state investor Mubadala (15%) and Qatar Petroleum (5%). (CONTINUED - 837 WORDS)
