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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
Brent increased by $0.75 to $61.57, WTI up by $0.65 to $56.75
The great Italian writer Lampedusa has his central character Prince Tancredi articulate the most profound statement about conservative politics ever made: “If we want things to stay as they are,” he tells his uncle, “things will have to change.”
The company intends to progress in maritime tenders to expand its business, says source
Quantities include the foreign partner’s share at an average price of $55 a barrel, say government sources
Decline in global demand for oil threatens to OPEC’s plans to cut production, says Youssef
The Iranian government vows to take a ‘proper response’
SAR 61.4bn, estimated size of relevant entertainment market in the Kingdom by 2030, says Colliers
A government source told Daily News Egypt that the government has fixed the prices of petroleum products, in parallel with fixing the value of hedging against price fluctuations, which protects the state budget from bearing any additional burdens.
Refining 3.6m tonnes of crude oil, gas production increases to 51.1m tonnes, says source
Market to face oil glut in coming period, prices to fall under $60: Source
The ministry of petroleum said in a statement that the remaining five wells in the field will be developed during the second quarter of next year.