Egypt's Energy Crisis Deepens Amid Regional Conflict

Egypt's energy crisis has deepened due to regional conflict and soaring global gas prices. The country's LNG import bill has doubled since the war in the region, reaching around $80 million per cargo.

Petroleum Minister Karim Badawi noted that Egypt relies on additional gas imports to bridge the gap between domestic production and consumption, which has increased sharply during the summer as electricity demand rises.

Despite efforts to increase domestic production, Egypt's natural gas production remains below domestic demand. The government aims to boost production to around 4.2 billion cubic feet per day (bcf/d) this fiscal year, but this would still fall short of meeting demand.