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.