Egypt targets raising oil production by 11% in 2023: official

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The expected increase in oil production comes in tandem with the operation of new oil fields and expansion in fields located in the Suez Canal

Staff Writer, Arab Finance

June 5, 2023

EGYPT OIL AND GAS

PHOTO

Arab Finance: Egypt is planning to raise its oil production by 11% in 2023 to reach 650,000 barrels per day from 587,000 barrels per day, an official told Asharq Business on June 4th.

The expected increase in oil production comes in tandem with the operation of new oil fields and expansion in fields located in the Suez Canal, in addition to a surge in foreign investments.

It is worthy to mention that Egypt annually consumes around 12 million tons of diesel and 6.7 million tons of gasoline.

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