Oil Prices

MoP Could Offer Enppi Shares on EGX

The Minister of Petroleum and Mineral Resources, Tarek El-Molla, told CNBC that the ministry could potentially offer a share of Enppi on the Egyptian Stock Exchange (EGX).

Egypt Doubles Oil Hedges in FY 2020/21

Egypt has doubled its oil hedges during the fiscal year (FY) 2020/21 as a precautionary measure against the possible increase of oil prices, Finance Minister Mohamed Maait told Bloomberg in an interview.

El Molla Expects Oil Prices to Average Around $50/bbl in 2021

Oil prices are expected to remain at $50 per barrel (bbl) until the end of 2021 when a vaccine is available, Minister of Petroleum and Mineral Resources, Tarek El Molla, stated during the sixth edition of the Mediterranean Dialogue (MED) titled “Beyond the Shock: Rethinking the Energy Industry after COVID-19”.

Novak: 2020 Oil Demand Could Fall by 10 mmbbl/d

Russia’s Energy Minister, Alexander Novak, has predicted that global oil demand could fall by 9-10 million barrels per day (mmbbl/d) this year due to the impact of the COVID-19 pandemic.

China’s Oil Imports Surge 25% in July

China’s Crude oil imports jumped 25% during July for a year ago as a result of a huge amount of purchases made in April after oil prices drop as well as clearing customs of some cargoes which delayed at ports in June.

Petroleum Trade Deficit Drops 91% YoY

The recent oil slump has narrowed the petroleum trade deficit in Q1 2020 by $405.1 million, amounting to $40 million against 445.1 million in Q1 2019, a 91% year-on-year (YoY) decrease.

El Molla: Oil Prices to Reach $40-50 Per Barrel

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

EOG Hosts its First Webinar on June 24

Egypt Oil & Gas (EOG) will host its first webinar entitled Egypt’s Oil and Gas Sector Pandemic and Commodity Price Crash on June 24, 2020 at 12 PM.

MoP to Deliver Natural Gas to 1 MM Households in FY 2020/21

The Minister of Petroleum and Mineral Resources Tarek El Molla stated that the ministry aims to deliver natural gas to one million households in fiscal year (FY) 2020/21.

IDSC Issues Two Reports on COVID-19 Impact on Energy Markets

The Egyptian Prime Minister, Moustafa Madbouly, has received two reports from the Information and Decision support Center (IDCS) presenting the repercussions of coronavirus pandemic on international as well as local Energy markets.

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