Egypt plans to bring its oil production to 700,000 barrels per day and continue boosting the output, Egyptian Petroleum Minister Tarek El-Molla told Sputnik on Tuesday
DAVOS (Pakistan Point News / Sputnik - 21st January, 2020) Egypt plans to bring its oil production to 700,000 barrels per day and continue boosting the output, Egyptian Petroleum Minister Tarek El-Molla told Sputnik on Tuesday.
According to the January report of the International Energy Agency, Egypt's oil production totaled 630,000 barrels per day in 2019.
"This is our strategy to increase the production in our fields to try to close the gap between the production and the consumption in Egypt ... As the first step, we want to reach 700,000 barrels per day and then we will try to progress," El-Molla said.
The minister added that the current oil prices remained satisfactory for Egypt.
"It makes balance between producers and consumers. It is satisfactory," he said.
Early in 2020, Brent oil price was highly volatile amid escalated tensions around Iran, exceeding $70 per barrel, but has currently settled down at around $63 per barrel.
