Egypt plans to import 10mn barrels of crude oil in May and June

The Egyptian Ministry of Petroleum is set to import nearly 10mn barrels of crude oil throughout May and June to secure feedstock for domestic refineries, according to a government official speaking to Al Arabiya Business on April 29. 

Following the outbreak of the 2026 US-Iran war and the subsequent closure of the Strait of Hormuz, Egypt faces severe fiscal pressure as a net energy importer, with skyrocketing Brent Crude prices, surpassing $120 per barrel, projected to widen its current account deficit by around $8bn.

The move to import the crude aims to raise the production of petroleum derivatives to meet rising local demand. The official noted that these new contracts will be subject to prevailing global market rates. Prices are determined based on Brent Crude at the time of agreement, meaning the monthly consumption bill remains fluid due to market volatility, except in cases of long-term import contracts, the official explained.

Egypt will benefit from favourable payment terms, with credit facilities extending beyond six months for certain deals. The majority of these monthly petroleum products are sourced from neighbouring Arab markets.

The Egyptian General Petroleum Corporation (EGPC) requires around 5mn barrels per month ahead of the peak summer season. This volume represents 33% of the total market requirements. The ministry hopes the shipments could raise the operational capacity of national refineries to 90%, up from the 80% recorded during Q1 2026. This strategic ramp-up is essential for ensuring energy security and maintaining a steady supply of fuel as temperatures rise and domestic consumption nears its annual zenith.