Egypt imports 100M barrels of oil annually: PM

CAIRO - 24 March 2022: Egypt imports 100 million barrels of oil per year, according to the Prime Minister, Moustafa Madbouli.

 

Madbouli added that the cost of a barrel of oil was $60 a few months ago, and it has reached $120 now; due to the Russo-Ukrainian war.

 

The Prime Minister appealed to citizens to rationalize consumption.

 

He explained that the rise in the price of a barrel to $120 raises the annual import cost to $12 billion, equivalent to $1 million per month, which is double the cost paid before the outbreak of the crisis, saying that importing represents a great pressure on the currency and the state.

 

He continued, "We move according to our plans, and if citizens rationalize the consumption, this will help the state to rationalize imported quantities, as the state plans and sets visions for the end of the year 2022."

 

The citizen must realize and feel the magnitude of the global crisis and see what is happening in the world, and the queues at outlets and gas stations to obtain basic products, he added, concluding: “Happy New Year and Egypt is always fine. We are able as leadership, government and people to overcome the great crisis, and God willing, Egypt always forward".