The Egyptian government is planning to double the number of crude oil hedging contracts for fiscal year (FY) 2019/20.

The petroleum and finance ministries are adjusting the hedging mechanism for fiscal year (FY) 2019/2020 in line with recent global oil prices.

The oil and finance ministries have chosen a firm to sign fuel hedging contracts with the government.

Iraq is mulling an oil hedging program to lock in prices for future crude sales, potentially topping a similar deal run by Mexico.