100% increase in global oil prices with the Ukrainian crisis, according to the Egyptian Minister of Supply

Published 2022년 5월 23일

Tridge summary

Egypt relies heavily on imported oils, with 97% coming from abroad, as reported by Dr. Ali Al-Moselhi, Minister of Supply and Internal Trade. The country's reliance on imported oils has increased due to the decline in domestic cultivation areas and dependence on soybeans and sunflowers. The global prices of oil and wheat have seen significant hikes, particularly due to the Russian-Ukrainian crisis, leading to concerns about potential further increases in oil prices. Currently, a 800 ml bottle of supply oil is fixed at 23 pounds in Egypt, but this could change if imported crude oils see a price increase. The government is planning to adopt contract farming for soybeans and sunflowers, although the industrial sector currently imports most of the oil seeds. President Abdel Fattah El-Sisi has directed to increase the strategic reserve from three months to six months, a move that has proven beneficial in addressing economic issues arising from global emergencies.

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Original content

Dr. Ali Al-Moselhi, Minister of Supply and Internal Trade, confirmed that about 97% of the oils are imported from abroad. He said in a television interview on the Al-Hekaya program presented by the media Amr Adib, that Egypt was planting 2 million tons of cotton and we were extracting from the cotton seed, but the cultivated areas declined. And dependence has become on soybeans and sunflowers, noting that Ukraine produces about 30% of the world's sunflowers. He pointed out that global oil prices have increased by about 70 to 100% with the Russian-Ukrainian crisis and 40% in wheat prices, noting that the unprecedented increases that have occurred since last February, and if global increases continue, a movement in the price of oil may occur during the coming period. A bottle of supply oil weighing 800 ml is fixed at 23 pounds and is stable so far, unless there is any price increase in imported crude oils He pointed out that it is scheduled to go to contract farming with about 250 ...

Source: Amwalalghad