Sameh Fahmai: Egypt appreciates OPEC decision

The international oil market has witnessed several ups and downs after the recent OPEC decision to cut down its output by one million barrel per day (bpd) to be 23.5 million bpd.

Egypt has welcomed the OPEC decision as Petroleum Minister Sameh Fahmai said that it would help stabilize the international market which achieved bilateral benefit for producers and consumers.

Fahmi has succeeded to amend agreements with international oil and natural gas firms operating in Egypt by fixing a price for natural gas that resulted in saving $ 1.16 billion over three and a half years in addition to $ 600 million due to rationalizing expenditures.

The Minister added that Egyptian oil and petrochemical exports increase compared to a decrease in import of butane and diesel resulted in improving the oil balance of payment.