The Former Minister of Petroleum and Mineral Resources, Osama Kamal, said that Egypt has benefited from the oil price decline during the last period by storing sufficient quantities of oil, according to his call on Amr Adib’s El Hekaya Program.
He noted that Egypt will neither be directly affected positively nor negatively by the current collapse of oil prices, but this might contribute in decreasing the burden of financial support from the public budget. Kamal discussed that its only negative effect would be when American oil companies cut their exploration and discovery investments in the different countries including Egypt.
US oil future prices declined to below zero on Monday 20 April. The price of West Texas Intermediate Crude reached to $-37.63 due to the industries’ halt and lockdown driven by the coronavirus outbreak.
