Egypt returned to being a net importer of refined products for 2021 after 2020 saw the country notch up net exports for the first time in decades (MEES, 26 February 2021). 2020’s figures came as local products demand fell by 13% to a 14-year low 605,000 b/d amid the Covid pandemic.
Egypt’s oil products demand did rebound by 8% to 652,000 b/d for 2021. But it is set to remain structurally lower than the record 800,000 b/d-plus levels seen for 2015-2017. This is because fuel oil burning in power plants has since fallen from almost 200,000 b/d, to just 36,000 b/d for 2021, though there was a brief rebound in fuel oil burn to 79,000 b/d and 75,000 b/d for November and December as Cairo looked to free up more gas to keep LNG exports high (MEES, 14 January). (CONTINUED - 513 WORDS)