Egypt's Oil Production Records 152 Mln Barrels in 8 months

Egypt's crude oil production stood at 152.09 million barrels in the first eight months of 2019.

In January 2019, Egypt achieved the largest monthly oil production during the period by 19.8 million barrels, while February and June recorded the lowest monthly production by 17.6 million tons and 18.7 million tons, respectively.

[caption id="attachment_86388" align="aligncenter" width="812"] Graph showing Egypt's oil production[/caption]

According to data from the Joint Organisations Data Initiative (JODI), Egypt's oil production declined during the period by about 1.9 percent, compared to 155 million barrels during the comparative period of 2018.

Egypt's oil production in August recorded 18.99 million barrels. Since the beginning of the year, Egypt's oil production has fallen by 4.8 percent, from 643.57 thousand barrels per day (bpd) in December 2018.

Egypt produces between 55 and 60 percent of its total petroleum derivatives needs and imports the rest from global agents and suppliers.

Meantime, Egypt’s balance of payments data showed that the country’s oil exports increased by 31.7% during the last fiscal year to reach $ 11.6 billion, compared to $ 8.8 billion in the previous one.

The CBE said that Egypt’s petroleum trade balance achieved a surplus for the first time since FY 2012-13, amounting to $ 8.1 million during the last year, compared to a deficit of $ 3.7 billion in the preceding one.

The central bank attributed the achievement of the oil trade balance surplus to the high investment in the gas and oil sectors.

The bank added that payments on petroleum and crude oil imports declined by 7.5% during the last fiscal year to record $ 11.5 billion, compared to $ 12.5 billion a year earlier.