Egypt sees a decline in gas and oil exports

With large reserves of both resources, Egypt has been a prominent player in the oil and gas sector for a long time. However, the nation’s oil and gas exports have drastically decreased in recent years.

But what are the causes of this fall and how might it affect the Egyptian economy?

The production of both resources is dropping, which is a significant element in Egypt’s declining oil and gas exports. Over the previous ten years, the nation’s oil production has rapidly declined, from a high of 930,000 barrels per day (bpd) in 1996 to just 580,000 bpd in 2020. Egypt’s production of natural gas has similarly decreased, from a peak of 7.2 billion cubic feet per day (bcfd) in 2009 to approximately 6.5 bcfd in 2020.

According to latest data from the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s gasoline exports experienced a fall in value over the months of January and February 2023, with a total value of about $1.97 billion.

In the months of January and February 2022, exports were recorded at $2.74 billion, a decline of 28.1 percent or $769 million.