The oil and gas sector has succeeded in terms of self-sufficiency, manufacturing and exporting, President Abdel Fattah El Sisi said during the “Ask the President” session, as part of the National Youth Conference held on July 30-31.

He added that he hopes this can be applied to the petroleum sector as well in the coming few years.

He further said that Egypt has set a price for oil barrels according to the current budget, at $68 per barrel. “We have dealt with two banks in order to secure providing a certain amount of fuel at this fixed price,” the President revealed.

El Sisi touched on the region’s fluctuating oil prices in the context of the government’s ongoing fuel hedging, saying that the economic reform program would be fully implemented according to the plan Egypt has committed to before the International Monetary Fund (IMF), however, the reform and progress is a continuous process.