Egypt reportedly aims to increase oil exports by 15% in 2023

Egypt is setting a target of $21 billion in terms of its oil exports for 2023, a climb of $2.8 billion (15 percent) compared to 2022, Bloomberg Al-Sharq reported as seeing from an official government document.

According to the document, Egypt's oil exports reached $18.2 billion in 2022, a significant rise from $12.9 billion in 2021.

The news site added that the document outlined Egypt’s plan to achieve this growth, and its goal to maintain the same growth rate in 2024, pushing exports to about $24 billion.

Egypt's exports of liquefied natural gas (LNG) amounted to around $10.04 billion in 2022, while crude oil exports reached around $3.04 billion, according to a previous report by the Central Agency for Public Mobilization and Statistics.

In May, the Organization of Arab Petroleum Exporting Countries (OAPEC) revealed that Egypt’s liquefied natural gas (LNG) exports reached 1.9 million tons in Q1 2023.