"The Strait of Hormuz is only 39km wide at its narrowest point, yet 20 million barrels of oil typically flow through it daily, representing 25 percent of the world's maritime oil trade."
"Libya's location should make it strategically valuable to the global oil trade, with crude oil reaching Italian refineries in 48 hours without military escorts or war-risk premiums."
"Egypt announced it was securing roughly 1 million barrels a month from Libya to offset disruptions caused by the closure of the Strait of Hormuz."
"European policymakers have a reliable habit of not scrutinizing the sources too closely as long as the supplies keep flowing, a pattern that has shaped Europe's dependence on Russian gas."
Libya's strategic location and oil production capabilities are increasingly important as tensions in the Strait of Hormuz disrupt global oil supplies. The closure of the strait by Iran has led to soaring Brent crude prices and reduced Gulf production. Libya can supply light, sweet crude oil to Europe without the risks associated with Gulf routes. Egypt has begun securing Libyan oil to mitigate disruptions. European policymakers have historically overlooked the sources of energy supplies, leading to dependencies that could shape future relations with Libya.
Read at www.aljazeera.com
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