Egypt hedges 35% of its oil needs until mid-2024

Egyptian government has hedged up to 35 percent of its petroleum needs for the current fiscal year 2023/2024 that ends in June, against the risk of rising global oil prices, according to a senior government official on Sunday.

The North African country decided to adopt the price of a barrel of oil at $80 in the budget for the current fiscal year 2023/2024, a 15 percent decline from the price of a barrel in the previous budget.

Minister of Petroleum and Mineral Resources Tarek El-Molla announced that 35 new natural gas wells will be drilled during 2024/2025 with investments exceeding $1.5 billion.