9 Hrs
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Former Minister on Oil Budget and Reserves
Engineer Osama Kamal, former Minister of Petroleum, commented on the forecasts of rising oil prices and their impact on the global economy and the Egyptian budget. He explained that the government prepared the budget based on an oil price of $75 per barrel, despite current trading at around $88, through hedging measures related to increasing reserves and purchasing quantities of fuel to cover the summer. He pointed out that ongoing geopolitical conflicts are increasing the uncertainty regarding the end of the crisis, and that oil prices may continue to rise due to the destruction of energy infrastructure in the region, which could take years to recover. He also anticipated that the situation could persist until early winter, with European demand for fuel remaining high.
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