Egypt’s crude oil production has reached its highest level in nearly two years, driven by the settlement of outstanding dues to international partners.
Petroleum Minister Karim Badawi announced the milestone on Saturday, July 25, noting that resolving financial obligations with operators was key to boosting local output.
56 million barrels per day in June, its highest level since April 2020, according to OPEC data and Reuters surveys.
The development marks a significant turnaround for a sector that has struggled with investment delays and payment disputes in recent years.
The production uptick in Cairo aligns with a broader recovery across African oil markets.
Nigeria’s crude output also increased in May and June, reaching 1.56 million barrels per day in June, its highest level since April 2020, according to OPEC data and Reuters surveys.
These simultaneous recoveries suggest that supply constraints in the region are easing, potentially adding incremental barrels to the global market at a time when demand remains robust.