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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 were also supported as data showed a smaller-than-expected build in US stockpiles
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).
Country’s domestic consumption of natural gas to increase to 51.1 million tonnes
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.
Country imports around 35% of domestic consumption of petroleum, says industry source
OPEC seeks extending production cuts until April’s meeting
Minister called on foreign oil companies to intensify exploration efforts in region
1bn barrels of oil consumed domestically during last three years: source
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
Achieving oil self-sufficiency is real accomplishment, not importing, says Ezz El Regal
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 …
The ministry will complete the repayment of its dues after receiving the third tranche of the World Bank and AFDB loans, sources said
GCC countries will continue to struggle with economic, financial, and foreign challenges, Dyck says
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
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 …
Crude oil imported from Kuwait Petroleum Corporation helps save fuel in local market, says official
Facility will be allowed for full payment within 30 days for an extra million barrels, says official
Egypt currently produces 4.15bn cubic feet of gas per day, compared to 4.5bn cubic feet last year.
Kuwait Petroleum Corporation starts procedures of launching its office in Cairo
We should increase our oil and fuel imports to make best use of the decline, says former EGPC deputy chairman
Well’s original oil records about 15m barrels, adds approximately 5m barrels to oil reserves
EGAS issues second international bid for foreign companies in July
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
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.
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.
Imports stood at EGP 31.47bn during January, 21.2% less than the EGP 39.97bn recorded a year earlier, according to CAPMAS
Brent crude futures up in both London and New York
Rise attributed to increases in export of fresh oranges, crude oil, pastas, rice, ceramic tiles and health products
Confirms agreement between Iraq State Oil Company and Egypt for pipeline