Protests in Egypt, strikes in Libya and a Canadian tragedy

摘要

Following protests against the Egyptian President, Muhammad Mursi, the army stepped in and removed him, which resulted in further protests led by the Muslim Brotherhood. Many were killed in the subsequent violence, prompting several oil and gas companies to evacuate staff. A pipeline carrying 80 mn cfd of gas to Jordan was damaged by a bomb. Some liquefied natural gas (LNG) exports were also suspended. Oil futures traders responded to the mounting violence in Egypt by bidding-up the price of crude oil. Violence also affected Libya, with attacks reported on some oil installations. A series of strikes affected output in some oilfields and caused the temporary closure of the crude oil terminals of Es Sider, Zuetina, and Ras Lanuf, disrupting exports. Law and order also featured on the agenda of the government of Algeria, which declared that the smuggling of oil products had become a "security" problem and was causing shortages inside Algeria. Most of the bootleg fuel ends up in Morocco, where prices are nearly five-times higher than in Algeria.