Egypt Boosts Energy Security with Record Oil Production

The Egyptian government's efforts to settle outstanding payments owed to foreign investment partners has led to a nearly 20% increase in crude oil production, reaching its highest level in almost two years.

According to Salah Hafez, former Deputy Chairman of the Egyptian General Petroleum Corporation, this surge is attributed to the government's settlement of overdue payments, which encouraged investment partners to commit new capital and expand exploration, development, and production efforts.

The Ministry of Petroleum announced that crude oil production had reached its highest level in nearly two years, with operating rates at Egypt's refineries rising to around 80% this year. This has helped meet local demand for petroleum products and reduced the need for imports.