Egypt hedges 35% of total oil needs for FY2023/24

Updated 9/3/2023 10:23:00 AM
Egypt hedges 35% of total oil needs for FY2023/24

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.

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