Egyptian petroleum production reduced by 20,000 barrels daily

Hamdi El-Banbi, the Egyptian minister of petroleum, said that Egypt has started to reduce its production of raw petroleum by 20,000 barrels daily, starting from the beginning of the current month and lasting until the end of June, for a total reduction of one million tons of petroleum annually.

The new production level will be 830,000 thousand barrels daily, supporting the resolution of the Organization of Petroleum Exporting Countries (OPEC) to reduce the organizations' states' output and reach a balance between the international supply and demand to control the prices' collapse.

The Egyptian minister of petroleum said the decision to reduce Egypt's production of raw petroleum comes in implementation of the ministry's plan for the new fiscal year in spite of recent petroleum discoveries.