The Egyptian Ministry of Petroleum announced that the crude oil import from Kuwait has decreased from 3mb/month to 2mb/month, according to Al-Borsa News. The payment for the imported crude stretches over nine month. The exact price is not specified in the contract as Egypt follows global oil price scheme of Brent crude.
Egypt’s Oil Minister, Tarek El Molla, explained that the average of local monthly usage of petroleum derivatives and natural gas is estimated at 6.5m tons, whereas 4.2m tons are supplied by local production and the remaining 2.3m tons is imported.
The Ministry of Petroleum aims at increasing local production of oil and gas from the current 695,000b/d to 700,000b/d during the following fiscal year.