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SIDPEC among most prominent beneficiaries of oil price rise, given increased demand for polyethylene
West Texas Intermediate for September delivery rose to $41.01 a barrel, while Brent crude for October delivery climbed to $44.15 a barrel
Oil prices plunged as West Texas Intermediate for September delivery fell $1.35 to$39.92 a barrel, while Brent crude lost 81 cents to $42.94 a barrel
Oil prices also got a lift from weak US dollar as there is normally a reverse correlation between foreign exchange value of the US dollar and oil prices
West Texas Intermediate for September delivery settled at $41.07 a barrel, while Brent crude oil for September delivery was down to close at $43.31 a barrel
US crude oil imports and exports both increased during the week ending July 17, the US Energy Information Administration
Meanwhile, Brent crude oil for September delivery advanced 1.04 dollars to close at 44.32 dollars a barrel on the London ICE Futures Exchange.
Catastrophic environmental, economic impacts expected if tanker explodes
While oil demand is still ravaged by COVID-19 crisis, gradual stabilization is expected to begin in Q2 of 2020, prompting cautious growth forecast in 2021
Brent to average $35/bbl in 2020 and $45/bbl in 2021, Moody’s projects
Oil prices have recently been boosted not only by hopes that demand will soon return, but also by massive voluntary and involuntary production cuts
Sector’s preliminary recovery also hindered following bad 2019, local market dynamics provide breather
Oil market will improve after production reduction in line with OPEC plus starting 1 May, for a stabilisation in third quarter, says Bin Gomaa
Decline proves market is not convinced by OPEC cuts, says former petroleum minister, US oil May delivery cratered by as much as -$37 a barrel.
Procedures for purchasing Edison fields to be completed in 2020
Energean cuts its budget in Egypt by $140m
State employees’ wages to increase by 11.3%: Finance Minister
Increase in Saudi oil exports leads to excess supply, says Medhat Youssef
How will ongoing oil tension impact MENA region?
Global trade war and Coronavirus threaten oil markets: former petroleum minister
Shell Egypt’s total natural gas production level is 350m cubic feet per day, says Moataz Darwish
Interest rates to slightly decrease by end of FY2019/20, says report
Coronavirus outbreak threatens the oil market by falling global demand: Source
El-Molla reviews crude oil production plans
The first agreement in the East Horus region, Western Desert, is with the Egyptian General Petroleum Corporation (EGPC) and Shell, comes at a minimum investment of approximately $24.5m, and a signature grant of $23m to drill five wells.
Brent rise will not affect Egypt, thanks to hedging mechanism: Source
Egypt’s gas production increase to 7.2bn scf/day, $5bn investments to raise fuel storage capacity
Minister of Petroleum and Mineral Resources, Tarek El Molla stated that the first agreement is signed between the Egyptian General Petroleum Corporation and International Egyptian Oil Company (IEOC) for oil and gas exploration in the south-eastern Siwa concession area in the Western Desert, with a minimum investment of about $17m, allocating about $1.2m to drill four new wells.
Brent rate increased by 1.5% on Friday after OPEC’s agreement to further reduce production