Egypt Underlines Growth in Activities, Economic Returns of Public Sector Oil Companies

Egypt’s Petroleum Minister Tarek el-Molla attends meetings of the general assemblies of public sector oil companies. (Asharq Al-Awsat)
Egypt’s Petroleum Minister Tarek el-Molla attends meetings of the general assemblies of public sector oil companies. (Asharq Al-Awsat)
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Egypt Underlines Growth in Activities, Economic Returns of Public Sector Oil Companies

Egypt’s Petroleum Minister Tarek el-Molla attends meetings of the general assemblies of public sector oil companies. (Asharq Al-Awsat)
Egypt’s Petroleum Minister Tarek el-Molla attends meetings of the general assemblies of public sector oil companies. (Asharq Al-Awsat)

Egypt's Minister of Petroleum and Mineral Resources Tarek el-Molla chaired on Sunday the meetings of the general assemblies of public sector oil companies, via video conference, to discuss and approve the results of FY 2021/22.

He affirmed that the public sector oil companies have developed remarkably in recent years, citing the modernization in their facilities and growth in their activities, economic returns and capital.

Molla further underlined these companies’ success in achieving outstanding results during the last fiscal year, despite the circumstances and challenges the world is going through and their repercussions.

“The economic reform policies and rationalization of subsidies have helped the public sector oil entities meet their requirements, develop their performance and increase the added value thereof for the benefit of the Egyptian economy,” Molla explained.

The Minister highlighted the continued development of the butane system in Egypt to keep pace with the comprehensive development in the petroleum sector and the work of raising efficiency, digitization, governance and enhancing safety.

He noted that the average consumption of butane has dropped from 4.2 million tons to 3.6 million tons annually despite the population increase.

Egypt wants to generate $8.5-10 billion in natural gas revenues in FY 2022/23, up from $6.5 billion in 2021, Molla told Al-Arabiya Channel on Sunday.

For his part, Chemist Majid al-Kurdi, head of Assiut Petroleum Refining Company, reviewed the most important results of the company’s work during the fiscal year 2021/22.

He said the company refined about 3.4 million tons of crude to supply petroleum products to the local market at a value of EGP47 billion.

Kurdi pointed out that the volume of investments that were pumped amounted to about 1.3 billion pounds to implement replacement and renewal programs and projects, enhance the requirements of occupational safety and health, protect the environment, and start implementing new production units.

Meanwhile, Eng Ayman Abdel Badie, President of the Petroleum Pipelines Company, reviewed the most important projects implemented to develop the national network for transporting crude and petroleum products through pipelines.

He highlighted the unprecedented investments amounting to about EGP3.3 billion to implement replacement and renewal projects, raise efficiency of the pipelines, industrial security and environmental protection.

Abdel Badie stressed that the Damietta-Tanta gas pipeline is considered one of the most important projects within the ministry’s strategy to transform Egypt into a regional hub for the trade and circulation of petroleum products.

President of Petrogas Company Nabawi Mahmoud, for his part, reviewed the most important results of the work.

He said that about 3.6 million tons of butane gas were supplied to the local market during the fiscal year 2021/22, down 1.6%.

Mahmoud said 309 million cylinders of butane were filled in 49 factories and distributed through 3093 distribution centers, while 3.9 million cylinders were rehabilitated for consumers.



Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)
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Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday.

According to Reuters, Iraq is pushing for a higher OPEC production quota as the economic fallout from the Iran war and new investment by oil majors increase pressure on Baghdad to boost output, potentially putting it at odds with the producer group.

The conflict has hit Iraq particularly hard, forcing major export cuts and depriving the state of oil revenue, which accounted for 88% of government income last year.


IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
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IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

Georgieva said concerns about dependence on the AI investment boom and high valuations were impacting markets around the world.

"Things are going up and down, and this is likely to continue," she told an audience at IMF headquarters in Washington, adding that the volatility would complicate the job of central banks at a time when risks to price stability had been growing.

A steep rout in technology stocks on Thursday rippled through markets on fears that ⁠the Democrats' victory ⁠in the US midterm elections would increase regulatory scrutiny of AI and slow the data center build-out, sending investors to the safety of bonds.

The political jitters are hitting an AI trade already on shaky footing due to worry about return on massive spending on AI-related infrastructure, with the meltdown spurring margin calls and spooking retail investors and hedge ⁠funds alike.

Georgieva said the AI investment boom was lifting growth in some countries, helping to offset a negative oil-supply shock triggered by the war in the Middle East, but it was also adding to inflationary pressures and financial stability concerns.

The IMF last month flagged significant growth and financial stability risks from a potential ending of the AI investment boom, among other factors, including a prolonged Middle East war. At the time, it warned that a steep drop in AI investment could lead to a sharp fall in asset prices, ultimately cutting global GDP ⁠by 1.1% ⁠by 2028, including a 1.8% drop in US output.

Georgieva did not repeat the downside forecast on Friday, but acknowledged the recent market volatility.

"Should there be a slowdown in the AI-driven growth impulse, it would need to be factored in as central banks assess the necessary steps in the fight against stubborn inflation," she said.

Democrats are planning to unleash a flood of new legislation targeting artificial intelligence systems and data-center development when they take control of the US Congress in January, Reuters reported on Friday, citing congressional aides and advocates.

That would mark a sharp shift from the Republican-led Congress, where lawmakers largely focused on promoting AI development and declined to pass legislation restricting the technology.


World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.