Global Markets

Rising oil prices will hit Egyptian budget

The boost to Egypt’s finances from regaining self-sufficiency in its gas sector will be eroded by higher-than-expected oil prices
By Staff reporter 3 October 2018 0 32768

The boost to Egypt’s finances from regaining self-sufficiency in its gas sector will be eroded by higher-than-expected oil prices, according to Bloomberg.

The country’s 2018-2019 budget assumes an oil price of $67 per barrel, but prices have already risen above $80/bbl.