Egypt hedges 35% of total oil needs for FY2023/24
- Date: 04-Sep-2023
- Source: Zawya
- Sector:Financial Markets
- Country:Egypt
Egypt hedges 35% of total oil needs for FY2023/24
Egypt has signed oil hedging contracts for fiscal year (FY) 2023/2024, hedging up to 35% of its total local needs of oil imported from abroad amounting to 100 million barrels, a government official told Asharq Business on September 3rd.
As per the contracts, the price per barrel ranges between $75 and $80.
The government had previously endorsed the oil price per barrel in FY 2023/2024 budget at $80.
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