Egyptian Petroleum Products Consumption Falls 16% YoY

Egyptian Petroleum Products Consumption Falls 16% YoY

Egypt’s consumption of petroleum products fell by 15.97% year-on-year (YoY) to reach 2.815 million tons in March 2018, compared to 3.35 million tons in March 2017, Egypt Oil & Gas reports.

The country’s output of crude oil, condensates and butane slightly increased 4.5% YoY to 2.829 million tons during March 2018, up from the 2.706 million tons produced in March 2017, according to a report by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The Egyptian Minister of Petroleum, Tarek El Molla, previously said that Egypt will achieve self-sufficiency in petroleum products within three years, according to Al Masry Al Youm.

Reaching self-sufficiency does not mean halting crude oil imports, El Molla said recently. The minister explained that Egypt will keep importing crude oil to be refined. A portion of the refined products will then be directed to cover the demands of the local market, while the surplus will be exported.

 

 

Sarah Samir 3401 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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