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Egypt is lowering oil prices by 15%

CAPMAS reported that crude oil exports fell by 58.8% to reach $243 billion, compared to $590 million during the same period in 2022.
10.05.23 | Source: Egypt Today

Egypt intends to lower the oil price at $80 per barrel, decreasing by 15% in the 2023/2024 fiscal year’s budget, Asharq Business reported citing an official document.


The document also stated that the country is expected to set the imported wheat price at $340 per ton for the 2023/2024 fiscal year, 20% down from $424 per ton in the current fiscal year’s budget.


Earlier this year, Egypt’s oil and gas exports declined in the first 2 months of 2023, declining 28.1% to hit $1.97 billion, compared to $2.74 billion in January-February 2022, revealed the Central Agency for Public Mobilization and Statistics (CAPMAS).


 

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