Egypt’s Giant Oil Pipeline Toward Europe Slows to a Trickle
- Flows tumbled as Saudi Arabia slashed output for OPEC+ cuts
- Inventories held in northern Egypt most likely increased
An oil tanker offloads into a single buoy mooring at the start of the Sumed pipeline in the Gulf of Suez, Egypt.
Photographer: Dana Smillie/Bloomberg
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Egypt’s Sumed pipeline was designed to pump 2.5 million barrels of Persian Gulf crude from the Red Sea to the Mediterranean every day. Since May, a slump in oil demand and OPEC+ oil production cuts seem to have combined to slash flows to about a quarter of that.