Egypt Buys Huge Oil Contracts To Hedge Against Rising Prices ...Middle East

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Egypt Buys Huge Oil Contracts To Hedge Against Rising Prices
source : OILPRICE ( Middle East ) () 12
While oil-producing nations are scrambling to plug budget shortfalls after the price crash, oil importers are benefiting from the low oil prices, and some of them are hedging against higher prices. Egypt, for example—a net oil importer—has nearly doubled its oil hedges to protect itself against higher oil import costs, Egyptian Finance Minister Mohamed Maait told Bloomberg in an interview published on Wednesday. “We did a huge number of hedging contracts,” Maait said about the program for the fiscal 2020-2021 ending in June…

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