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Introduction
- Hydrocarbons play a sizeable role in Egypt’s economy both from oil and natural gas production and also in terms of revenues from the Suez Canal, an important transit point for oil shipments out of the Persian Gulf.
- Total oil production, however, has declined since the country’s 1996 peak of close to 935,000 barrels per day (bbl/d) to current levels of about 660,000 bbl/d.
- Egypt’s consumption is slightly higher than production and the country has begun to rely on a small volume of imports to meet domestic demand. Egypt also has the largest oil refining sector in Africa and since refining capacity now exceeds domestic demand, some non-Egyptian crudes are currently imported for processing and re-export.
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page revision: 4, last edited: 25 Apr 2012 13:51