عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Russia Says OPEC, non-OPEC to Discuss Output Scenarios in Algeria

Russian Energy Minister Alexander Novak via Reuters
Russian Energy Minister Alexander Novak via Reuters
TT
20
TT

Russia Says OPEC, non-OPEC to Discuss Output Scenarios in Algeria

Russian Energy Minister Alexander Novak via Reuters
Russian Energy Minister Alexander Novak via Reuters

Russian Energy Minister Alexander Novak said on Monday that all possible scenarios for oil output could be discussed at a meeting of OPEC and non-OPEC states in Algeria this month.

Asked whether a deal between OPEC and other producers, a group known as OPEC+, could discuss increasing output from levels agreed in June, Novak said: “I think we have the possibility to discuss any possible scenarios,” Reuters reported.

Novak said OPEC+ would also discuss supply and demand forecasts for the fourth quarter. He added that Russia was also ready to discuss cooperation with the United States to balance the oil market, but that such discussions were not being held.

Novak and Saudi Arabia’s Energy Minister Khalid al-Falih met in Moscow on Sunday to discuss the state of the oil market, the Russian energy ministry said.

Most Viewed

 
Business

Egypt to Boost Gas Production After Years of Decline, Prime Minister Says

This handout picture taken by RIA Novosti on June 17, 2023 shows Egypt's Prime Minister Mostafa Madbouly arriving at Pulkovo airport in Saint Petersburg to attend the Saint Petersburg International Economic Forum. (Handout / RIA Novosti via AFP)
This handout picture taken by RIA Novosti on June 17, 2023 shows Egypt's Prime Minister Mostafa Madbouly arriving at Pulkovo airport in Saint Petersburg to attend the Saint Petersburg International Economic Forum. (Handout / RIA Novosti via AFP)
TT
20
TT

Egypt to Boost Gas Production After Years of Decline, Prime Minister Says

This handout picture taken by RIA Novosti on June 17, 2023 shows Egypt's Prime Minister Mostafa Madbouly arriving at Pulkovo airport in Saint Petersburg to attend the Saint Petersburg International Economic Forum. (Handout / RIA Novosti via AFP)
This handout picture taken by RIA Novosti on June 17, 2023 shows Egypt's Prime Minister Mostafa Madbouly arriving at Pulkovo airport in Saint Petersburg to attend the Saint Petersburg International Economic Forum. (Handout / RIA Novosti via AFP)

Egypt's gas production is expected to reach 6.6 billion cubic feet per day by 2027, Prime Minister Mostafa Madbouly said on Wednesday.

Egypt's natural gas production began declining in 2022, forcing it to become a net gas importer whether through expensive liquefied natural gas cargoes or through Israeli supplies.

The North African nation's production is currently 4.1 billion cubic feet per day, Madbouly said.

The decline in output over recent years has been driven mainly by a hard currency shortage that limited the government's ability to pay international oil companies.

"Foreign investors and partners have resumed investments as a result of our commitment to pay off the accumulated arrears, so we have clear plans to return to previous production levels (of 6.6 billion cubic feet daily) over the next two years," Madbouly said.

Madbouly said last month that Egypt has paid $1 billion to international oil companies and it was set to pay another $1.4 billion before the end of the year.