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IEA sees no immediate threat to energy supplies from Egypt unrest

1-Feb-2011 10:58 AM

International Energy Agency stated (31-Jan-2011) unrest in Egypt has contributed to market uncertainty and created greater price pressure, with Brent crude oil prices hitting USD100 per barrel for the first time in more than two years. The IAE urged oil producers to be sensitive to market signals and exercise flexibility in ensuring ample and affordable supplies. Egyptian oil and gas production facilities do not appear to be at risk, as they are far from population centres. Disruption to the Suez passage through the canal and pipeline could have an important impact on oil and gas markets, although it does not currently appear likely. [more]