President Abdul Fattah El-Sisi met with ministers and delegates from member states of the Organization of Arab Petroleum Exporting Countries (OAPEC) to discuss regional energy issues.
Saudi Arabia and Egypt signed an agreement that will renew kingdom's economic support for Cairo via oil assistance and additional $8b worth of investments in the next five years.
Italy's ENI CEO, Claudio Descalzi said that the $200b cuts in oil investment in 2015 will continue next year, raising concerns that it may create an imbalance between supply and demand.