The Spokesman of the Minister of Petroleum and Mineral Resources, Hamdy Abdel Aziz, said that the drop of the West Texas Intermediate (WTI) prices will not affect Egypt at all as it is related only to US, according to Sputnik news agency.
Abdel Aziz elaborated that Egypt is operating with Brent crude only. “What happened only affects the US stock exchange, and it was instantaneous as it related to the May contracts which ended on April 20. June contracts start from April 21,” he added.
“The decline to $-37 does not provide a sustainable indication; it is just momentarily as it was the last day of the contracts.” Abdel Aziz explained.
It is worthy noting that US oil future prices declined to below zero on April 20. The price of West Texas Intermediate Crude reached to $-37.63 due to the industries’ halt and lockdown driven by the coronavirus outbreak.