Egypt Raises Oil Price Estimates to $85/bbl in 2023/24

Egypt Raises Oil Price Estimates to $85/bbl in 2023/24

Egypt raised its estimate of the price of a barrel of Brent oil in the budget for the current fiscal year (FY) 2023/24 by about 6.25% to $85, according to the semi-annual report on economic performance, published by the Ministry of Finance.

The report indicated that the previously allocated price in the 2023/24 budget stood at $80 per barrel, while the actual price per barrel was $87 during FY 2022/23.

This comes as FY 2022/23 witnessed a 4.4% decrease in the price of a barrel of Brent oil, compared to the $91 actual price during FY 2021/22.

Sarah Samir 3361 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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