An exodus of major oil companies from Egypt has commenced as the death toll from clashes between police and supporters of the country's ousted president exceeded 600 last night.
Shell said it was closing its offices in the crisis-hit North African country as chaos reigned on the streets.
BG Group, whose offshore liquified natural gas (LNG) operations in Egypt account for about a fifth of its total production, has already pulled out more than 100 workers. Meanwhile, BP and Aberdeen based Dana Petroleum said they were monitoring their operations closely as bloodshed continued.
The crisis is also impacting on the oil price, which in turn, could push up petrol prices in the coming weeks. Brent Crude is heading towards a 2013 high and topped $111 dollars yesterday.
Egypt's Suez Canal, an important supply route for Middle East oil, is expected to be disrupted by a curfew imposed to curb violence. Security problems are also disrupting supplies in Nigeria, Libya and Iraq.
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