African Unrest Puts Europe’s Gas at Risk as Oil Gains
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The unrest in Egypt that forced BG Group Plc and Statoil ASA to stop drilling threatens a region that represents more than 15 percent of Europe’s natural gas supply and 4 percent of the world’s crude oil.
No disruptions to gas pipeline shipments under the Mediterranean Sea or to oil tankers through the Suez Canal have been reported so far in North Africa after popular unrest erupted last month. Concern pushed Brent crude oil on Jan. 31 to more than $100 a barrel for the first time since 2008.