Egypt’s oil output fell to 589,000 b/d for July, the lowest monthly figure in some 40 years. This takes the country yet further away from the oil ministry’s target of reaching oil self-sufficiency by mid-2022. Four of the seven months this year have seen output below 600,000 b/d (see chart 1). Although output has been on the slide so far in 2020 it would require a substantial collapse in the last five months of the year to see output fall below 1980’s previous low of 580,000 b/d.
Output has been hit by key oil firms operating in the country slashing spending this year in response to falling oil prices and suppressed demand linked to the coronavirus pandemic (MEES, 4 September). Modest gains in output by state firm GPC have been far from enough to make up for losses elsewhere (MEES, 18 September). (CONTINUED - 278 WORDS)