Arab Finance: Egypt has signed oil hedging contracts for fiscal year (FY) 2023/2024, hedging up to 35% of its total local needs of oil imported from abroad amounting to 100 million barrels, a government official told Asharq Business on September 3rd.
As per the contracts, the price per barrel ranges between $75 and $80.
The government had previously endorsed the oil price per barrel in FY 2023/2024 budget at $80.
The price of crude currently ranges between $85 and $86 per barrel at the international markets.