Egypt’s Ministry of Oil and Mineral Resources on Tuesday debunked social media posts reportedly showcasing the updated oil prices for April 1 until June 30, the Spokesperson for the Ministry of Oil Hamdy Abdel Aziz said.
He explained that the automatic pricing committee formed by Prime Minister Mostafa Madbouly in 2019 still need to meet to discuss updating the oil prices for April until the end of June.
The committee follows price equations which include the world price for Brent Crude, exchange rates and the cost of trading petroleum products, Abdel Aziz said. The committee revise prices on a quarterly basis – starting, increasing or declining prices at 10 percent of the regular selling prices.
Egypt’s average production of crude oil and condensates are currently about 630,000 barrels per day. The target for this figure is about 690,000 barrels per day for the end of the fiscal year 2019-2020.