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Oil Price

Egypt – the convergence of oil decline, political and socio-economic crisis

Egyptian crude oil production peaked in 1995/96 and declined ever since while at the same time oil consumption increased steadily at around 3 % pa. These conflicting trends have now led to Egypt being a net oil importer with all the socio-economic consequences that entails. Higher oil prices since 2004 have increased 3-fold the cost [...]