Minister of Petroleum and Mineral Resources Tarek El Molla told CNBC Arabia that the prices of oil per barrel during the current year could reach between $40-50.

El Molla added that these prices will save a portion of the Egyptian budget, which has set the price of oil per barrel at $61. He noted that the balancing prices between supply and demand is essential to keep investments coming from international oil companies (IOCs).

The minister remarked that the production of the new gold discovery in the Aiqat in the Eastern Desert will begin early 2021, noting that the initial investment plan for the project was estimated at $1 billion.