Egypt is moving towards the entry into the Organisation of Petroleum Exporting Countries (OPEC) through the adoption of its policy, the effective participation in the last meetings and mainly in the light of holding the next OPEC meeting, due on December 10, 2004 in Cairo. Egypt meets OPEC membership’s conditions, mainly a viable export capacity, according to experts.
Latest Egyptian Oil Ministry’s figures indicated that the country’s oil and gas exports reached a record last year with $ 4.2 billion compared to $ 3.4 billion in the previous year. Additionally, its stocks have reached high levels of 15.3 billion of barrels compared to just 4 billion by the outset of the 1980s.
Egypt’s exported oil products amounted to 18.6 million tons in 2003/2004 versus 16.5 million tons in 2002/2003. (menareport.com)
© 2004 Mena Report (www.menareport.com)
