Egypt will not increase its oil production
Egypt, Business, 12/5/1997

The Egyptian Minister of Oil Hamdy Al Banby stated that Egypt will not increase its oil production, currently 870 thousand barrels a day.

Commenting on the decision of OPEC's Ministerial Council to increase its daily production from 25.023 million barrels to 27.7 million barrels a day beginning in January and lasting for 6 months, Al Banby stated that Egypt's production is determined by a national strategy which aims to maintain the Egyptian oil reserves and to increase them in order to attract more international investments for exploration in new areas.

He stated that the oil sector is also committed to filling the needs of the local market in addition to its participation in financing the 4th economic and social five year plan.

Al Banby described the OPEC's decision to increase its production as a good decision that will not reduce the price of oil in the international market. This increase comes at the beginning of the winter season which witnesses a great increase in the oil need in Europe, the USA and Japan, he said.

Al Banby expressed his hope that OPEC member countries will not exceed their quotas, which represents 40% of international production, so as to maintain the international prices of oil.

Previous Stories:
  Iraqi crisis disturbs black gold markets   (12/3/1997)
  Opec Saudi succeed in raising output   (12/1/1997)
  Oil prices expected to increase   (10/31/1997)

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