Egypt’s oil output fell 3% quarter-on-quarter to 559,000 b/d for Q1, its lowest level since the early 1980s, with March’s 551,000 b/d a multi-decade low on a monthly basis.
Though Egypt recorded marginal annual output increases for 2022 and 2023 (MEES, 9 February) after key upstream players boosted investment in well-worked acreage having secured improved terms, the trend is now resolutely down with successive falls for each of the last three quarters (see chart 1). (CONTINUED - 1476 WORDS)
