* Egypt’s oil and gas output is showing little sign of recovery. Oil production fell for a second consecutive month in May to 521,000 b/d, Ministry of Petroleum data show, sending it closer to the 40-year lows reached at the end of 2025 (see chart). Gas production also continued its downward trajectory, declining 1% month-on-month to 3.86bn cfd in May, the lowest level since 2005.