Oil Prices

  • Egypt Doubles Oil Hedges in FY 2020/21

    Egypt Doubles Oil Hedges in FY 2020/21

    Thursday, 10th December 2020

    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

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

    Tuesday, 1st December 2020

    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

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

    Sunday, 6th September 2020

    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 Oil Imports Surge 25% in July

    Sunday, 9th August 2020

    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

    Petroleum Trade Deficit Drops 91% YoY

    Wednesday, 29th July 2020

    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

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

    Tuesday, 21st July 2020

    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

    EOG Hosts its First Webinar on June 24

    Monday, 22nd June 2020

    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

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

    Sunday, 21st June 2020

    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

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

    Sunday, 7th June 2020

    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.

  • Algeria Unaffected by Fall in Oil Prices 

    Algeria Unaffected by Fall in Oil Prices 

    Sunday, 26th April 2020

    Algerian Minister of Energy, Mohamed Arkab, said that Algeria has the means and resources necessary to overcome the world oil crisis and that the recent fall in oil prices has not impacted Sonatrach’s activity.