Nissan to lay off thousands of workers as sales drop    Trump picks Susan Wiles as White House chief of staff    Three charged in connection with Liam Payne's death    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    Uproar in Ghana after president unveils his own statue    BD and INS partner to elevate standards of infusion care in MENAT    Qassim emir launches 52 health projects costing a total of SR456 million    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Shutdown of Suez Canal, SUMED won't stop oil-EIA
Published in Saudi Press Agency on 10 - 02 - 2011

Awwal 07, 1432, Feb 10, 2011, SPA - There is enough spare shipping capacity worldwide to move 4 million to 5 million barrels per day of oil if protests in Egypt shut down the Suez Canal and the country's major pipeline, the head of the U.S. Energy Information Administration told Congress Thursday, according to Reuters.
Egypt has been wracked by weeks of protests over the continued rule of Hosni Mubarak and workers this week went on strike at companies owned by Suez Canal authorities.
But so far the waterway has not been affected.
"The increase in tanker requirements traffic would be modest in the context of current global oil shipment flows," EIA Administrator Richard Newell told a congressional hearing on the possibility of a shutdown.
About 3.1 million bpd of oil and refined petroleum products are shipped through the Suez Canal and Egypt's SUMED pipeline, according to Newell.
The 200-mile (322 km) SUMED pipeline moves petroleum north through Egypt from the Red Sea to the Mediterranean Sea.
Newell said about 45 million bpd of oil is shipped on the world's waterways, with a spare capacity of roughly 10 percent, or 4 million to 5 million bpd.
"Our contacts in the tanker community suggest that the tanker market remains relatively relaxed," he told members of the House Energy and Power Subcommittee.
Newell said it would take longer to get the oil to its designated markets if the canal and pipeline closed because tankers would have to travel an extra 6,000 miles (9,656 km) around the southern tip of Africa, which would add 12 days of travel.
However, a disruption in oil shipments through the Suez Canal or SUMED pipeline would not add much to costs.
"Tanker costs from the Persian Gulf to the Gulf of Mexico generally fall within the range of $1 to $2 per barrel, so even a major increase in tanker rates would have little impact on delivered oil prices," Newell said.
-- SPA


Clic here to read the story from its source.