Latest in Highlight
Latest in
Oil prices fall amid oversupply concerns
Oil prices fell as WTI for June delivery dropped $0.57 to $23.99 a barrel, while Brent crude for July decreased $1.25 to $29.72 dollars a barrel
Oil prices surge amid hopes for economy reopening
Oil prices were also supported as data showed a smaller-than-expected build in US stockpiles
Global meltdown: stocks, crude oil futures in free fall on rising COVID-19 cases, OPEC price war
The stock markets bloodbath triggered the first-ever forced trading halt in the US and similar measures in Egypt, Europe, Asia, and Gulf Cooperation Council (GCC).
Egypt’s crude oil, petroleum products imports decrease by $3bn in FY2019/20: Government sources
Country’s domestic consumption of natural gas to increase to 51.1 million tonnes
Crude oil price rise to $70.16 on back of OPEC cuts
Brent crude rose by 5 cents, or 0.1%, to $70.16 a barrel, while US West Texas Intermediate (WTI) was up 50 cents, or 0.8%, at $59.12.
Egypt aims to increase fuel prices by about 25% in June
Country imports around 35% of domestic consumption of petroleum, says industry source
Oil prices hit $67 per barrel, driven by production cuts
OPEC seeks extending production cuts until April’s meeting
Western Desert produces 60% of Egypt’s crude oil: El-Molla
Minister called on foreign oil companies to intensify exploration efforts in region
Egypt’s crude oil reserves down 25% since 2015
1bn barrels of oil consumed domestically during last three years: source
Increased crude oil production after OPEC’s decision supports energy market stability: experts
A number of oil and energy experts confirmed that the increase in oil production may range between 600,000 and 700,000 barrels per day over the coming six months by OPEC members and non-members
Egypt’s crude oil production to reach 661,000 bpd by March
Achieving oil self-sufficiency is real accomplishment, not importing, says Ezz El Regal
81.5% of world’s proven crude oil reserves located in OPEC member countries
Middle Eastern countries contributed to the majority, 65.5%, of the Organisation of the Petroleum Exporting Countries (OPEC)’s total production in 2016, according to the OPEC Annual Statistical Bulletin 2017. OPEC’s proven oil reserves currently stand at about 1.216tn barrels, with Venzuela, Saudi Arabia, and Iran the top three countries in term of reserves with 302bn …
Petroleum Ministry to repay part of its dues to foreign partners in May
The ministry will complete the repayment of its dues after receiving the third tranche of the World Bank and AFDB loans, sources said
Oil prices expected to maintain $40-$60 per barrel range, medium term: Moody’s
GCC countries will continue to struggle with economic, financial, and foreign challenges, Dyck says
Challenges in Egypt’s economic recovery remain
According to a report published by Atradius, growth rates are expected to remain subdued due to inflation as well as regional and global economic challenges
Egypt gas agreements: from production sharing to tax/royalty
All oil exploration and production concession agreements in Egypt have been operating according to Production Sharing Agreements since 1973. This was a shift from the tax/royalty system towards equal sharing agreements concluded between the government, represented by the Egyptian General Petroleum Corporation (EGPC), and foreign companies, with a view to reduce the pressure on the …
Egypt negotiates with Kuwait to renew contract to supply 3m barrels per month
Crude oil imported from Kuwait Petroleum Corporation helps save fuel in local market, says official
Egypt to import 3m barrels of crude oil per month from Kuwait, contract to end in September
Facility will be allowed for full payment within 30 days for an extra million barrels, says official
EGAS launches international tender to search for gas by end of Q4 of 2016
Egypt currently produces 4.15bn cubic feet of gas per day, compared to 4.5bn cubic feet last year.
Egypt negotiates with Kuwait to supply 500,000 additional crude oil barrels monthly
Kuwait Petroleum Corporation starts procedures of launching its office in Cairo
Decline in Brent prices threatens exporting countries
We should increase our oil and fuel imports to make best use of the decline, says former EGPC deputy chairman
BAPETCO’s discovery increases daily oil production to 50,600 barrels
Well’s original oil records about 15m barrels, adds approximately 5m barrels to oil reserves
Egypt plans to spend $16bn importing petroleum products in FY 2015/2016
EGAS issues second international bid for foreign companies in July
EGP 126.3bn in oil product subsidies’ expenditure in FY 2013/2014: EIA
In 2013, Egypt’s total primary energy consumption was 1.7m barrels per day of oil equivalent, according to BP 2014 Statistical Review of World Energy
Egypt seeks export increase to African countries over next 3 years
Egyptian imports from these countries amounted to approximately $810m during 2013, compared to $1bn during 2012. The most important receiving countries for Egyptian exports are Libya, Sudan, Kenya and South Africa, according to El-Leithi.
Brent oil prices reach highest level for 2015
JPMorgan Chase raised its expectations for oil for the years 2015 and 2016 in light of the improvement in demand, which will result in a lower number of crude oil barrels in the global markets.
January trade deficit down by 20.7% year-on-year
Imports stood at EGP 31.47bn during January, 21.2% less than the EGP 39.97bn recorded a year earlier, according to CAPMAS
Oil prices rise with Israel-Syria tensions
Brent crude futures up in both London and New York
CAPMAS: Egypt exports EGP 15.68bn in goods during January
Rise attributed to increases in export of fresh oranges, crude oil, pastas, rice, ceramic tiles and health products
Iraqi embassy: No further plans for Egypt pipeline
Confirms agreement between Iraq State Oil Company and Egypt for pipeline