Egypt's Crude Oil Production Hits Two-Year High Amid Refinery Boom

Petroleum Minister Karim Badawi announced that Egypt's crude oil production has reached its highest level in nearly two years, driven by settling partner dues to boost local output. This increase in production and refinery supply has fueled a refining boom in 2026, with operating rates rising to 80%.

The ministry is advancing $4.5 billion in refinery development projects to bolster energy security and lower import costs. Badawi praised the local execution of these projects, noting that they have saved EGP 2 billion over buying new units and will cut annual operating costs by EGP 30 million with zero accidents.

The first-half 2026 petroleum exports exceeded 2.3 million tons worth $2.3 billion, matching 2025's total, with second-half exports projected at 2.5 million tons. The efficiency-programs supervised by the Egyptian General Petroleum Corporation (EGPC) have boosted gasoline, jet fuel, and diesel production across multiple refineries.