Egypt has almost doubled its oil hedges during the fiscal year (FY) 2020/21 as a precautionary measure against the possible increase of oil prices, Finance Minister Mohamed Maait told Bloomberg in an interview.

Maait did not elaborate on the value of the contracts and only stated that “we did a huge number of hedging contracts.” The minister also confirmed that Egypt now has enough oil stock until June 30.

The price slump helped Egypt as an importer as the benchmark Brent crude still hovers around $50 per barrel (bbl) and Egypt’s 2020/21 budget plan was based on an oil price of $61/bbl.