Egypt prepares to join OPEC

Oct 16, 2004 02:00 AM

Egypt is moving towards the entry into 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 bn compared to $ 3.4 bn in the previous year. Additionally, its stocks have reached high levels of 15.3 bn of barrels compared to just 4 bn by the outset of the 1980s.
Egypt's exported oil products amounted to 18.6 mm tons in 2003/2004 versus 16.5 mm tons in 2002/2003.

Source: LiquidAfrica
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