Egypt targets 33% hike in Kuwaiti oil imports by early 2024

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On October 23rd, it was announced that the Egyptian General Petroleum Corporation (EGPC) is planning to increase the country’s imports of crude oil by 40%

Staff Writer, Arab Finance

November 13, 2023

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The Egyptian government is eyeing a 33% increase in its imports of Kuwaiti crude oil by early 2024 to hit 3 million barrels per month, Asharq Business reported on November 13th, citing an unnamed government source.

On October 23rd, it was announced that the Egyptian General Petroleum Corporation (EGPC) is planning to increase the country’s imports of crude oil by 40% as of the coming fiscal year (FY) 2024/2025.

In September, Prime Minister Mostafa Madbouly announced that Egypt would stop importing refined petroleum products, such as gasoline and diesel, and it would refine them locally.

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