By Moustafa Adel
Cairo-Mubasher: Egypt's total oil exports retreated 44% in the first half of the fiscal year 2015/16, due to the recent declines of global oil price, said a source close to the matter.
The country’s total oil exports reached $1.9 billion in H1-FY15/16, compared with $3.4 billion for the same period of the previous year, said the source that spoke on condition of anonymity.
Egypt’s oil exports recorded $5 billion in FY14/15, down from $6.74 billion a year earlier.
On other hand, the country capitalised on the drop of oil prices as it eased the expenditures allocated for meeting the country’s needs of oil exports, with around EGP 6 billion ($760.38 million) saving from the subsidy bill for the current year.
Global Oil prices plummeted 70% from their highest levels in June 2014 to $30 per barrel, due to supply glut and lower demand.
