Egypt Ships 80% of its Gas to Europe

EU commissioner for energy, Kadri Simson, speaks on Monday at the 6th edition of the Egypt Petroleum Show “EGYPS 2023” in Cairo (EPA)
EU commissioner for energy, Kadri Simson, speaks on Monday at the 6th edition of the Egypt Petroleum Show “EGYPS 2023” in Cairo (EPA)
TT

Egypt Ships 80% of its Gas to Europe

EU commissioner for energy, Kadri Simson, speaks on Monday at the 6th edition of the Egypt Petroleum Show “EGYPS 2023” in Cairo (EPA)
EU commissioner for energy, Kadri Simson, speaks on Monday at the 6th edition of the Egypt Petroleum Show “EGYPS 2023” in Cairo (EPA)

Egypt shipped 80% of its liquefied natural gas (LNG) exports to Europe last year, the country’s petroleum minister, Tarek Al-Molla, said on Monday.

Al-Molla’s comments came as the European Union (EU) expects Egypt to increase the volumes of its LNG deliveries to Europe.

On Monday, EU commissioner for energy, Kadri Simson, said on the sidelines of an energy conference in Cairo that the Union expects a framework deal between the bloc, Israel and Egypt to allow Egypt to maintain “relatively high volumes” of liquefied natural gas (LNG) deliveries to Europe.

The MoU was signed last June with the aim of boosting exports of Israeli gas transported by pipeline to liquefaction plants on Egypt's Mediterranean coast, before being shipped to Europe.

Al-Molla earlier said that Egypt’s LNG exports were expected to reach 7.5 million tons this year, in line with 2022 volumes.

Since prices and European demand surged due to the war in Ukraine, Egypt has been trying to save gas for export to ease an acute dollar shortage.

Officials have said that any significant expansion in export capacity under the deal with the EU and Israel will take time.

On Monday, Simson told Reuters, “Now we have to solve some of the bottleneck issues. We do expect that, with the help of this MoU, Egypt can keep the relatively high volumes of LNG that it delivered to Europe last year.”

Asked about LNG volumes that could be exported under the MoU, Simson said: “It depends on national decisions. Of course Israel is the one that has to decide - what are the volumes they are willing to export.”

She added: “We see that there is spare capacity in liquefaction facilities here in Egypt, but exact volumes were not part of our memorandum of understanding.”

Meanwhile, Al-Molla attended on Monday the signing ceremony of five memorandums of understanding and cooperation agreements between the petroleum sector and major global energy and technology companies to boost bilateral cooperation in the fields of reducing carbon emissions, digital transformation, supporting sustainability and crude oil marketing.

The agreements were signed on the sidelines of the 6th edition of the Egypt Petroleum Show (EGYPS 2023).

A memorandum of understanding was signed between Egypt’s Ministry of Petroleum and Mineral Resources and Chevron Corporation to cooperate in capacity-building and exchange the best practices for low-carbon projects, including those related to controlling methane emissions.

Also, the Ministry signed an MoU for a consulting services provided by the international company IBM, specialized in digital transformation and sustainability.

An agreement was signed between the Egyptian General Petroleum Corporation (EGPC) and Apache Corporation in Egypt (Khalda Petroleum Company and Qarun Petroleum Company) to export Egyptian crude to the international market.

Two memorandums of understanding were also signed by the Eastern Mediterranean Gas Forum (EMGF), the International Energy Forum (IEF) and the Mediterranean Energy Observatory.



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)
TT

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)
TT

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)
TT

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.