Egypt Stocks Up 16 Million Barrels for Energy Security

Egypt is building its first strategic crude oil reserve, targeting the accumulation of approximately 16 million barrels by the end of 2026. This move aims to strengthen energy security and protect against potential supply disruptions.

The reserve will consist of about 10 million barrels sourced from Libya and an additional 6 million barrels from Iraq. The stockpile, valued at roughly US $1.36Bn based on an agreed crude price of around US $85 per barrel, will be separate from Egypt's regular monthly crude oil imports.

Egypt started receiving crude designated for the reserve in August, with around 3 million barrels having arrived from Libya so far. The remaining volumes are expected to be delivered over the coming months as Egypt works to complete the stockpile before the end of next year.