How OPEC+ production cut will impact Egypt
Experts say the OPEC+ decision to cut oil production won't hit Egypt as hard as some other countries.
CAIRO — The Organization of Oil Exporting Countries and associates, known as OPEC+, decided to cut oil production Oct. 5. The Egyptian cabinet's associated think tank the Information and Decision Support Center posted a video on Facebook Oct. 11 explaining the move and its repercussions.
It called the move a "new blow" that could send global energy markets into a tailspin in light of the sanctions imposed on Russian and Iranian oil exports and the unwillingness of US producers to raise their production levels, and that the decision will have an impact on oil-importing and developing countries that are in economic crisis.
On Oct. 5, OPEC + decided to reduce oil production by 2 million barrels per day starting in November, news that immediately raised oil prices.
Former Egyptian Petroleum Minister Osama Kamal told Al-Kahera Wal Nas TV by phone Oct. 7 that the OPEC decision will negatively impact the world, including Egypt, but the effects for Egypt will not be “painful.”
