{"id":602626,"date":"2019-04-02T04:05:55","date_gmt":"2019-04-02T04:05:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/02\/govt-revises-oil-price-forecast-to-usd-70-per-barrel-in-2019-20-budget-draft\/"},"modified":"2019-04-02T04:05:55","modified_gmt":"2019-04-02T04:05:55","slug":"govt-revises-oil-price-forecast-to-usd-70-per-barrel-in-2019-20-budget-draft","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/02\/govt-revises-oil-price-forecast-to-usd-70-per-barrel-in-2019-20-budget-draft\/","title":{"rendered":"Gov\u2019t revises oil price forecast to USD 70 per barrel in 2019-20 budget draft"},"content":{"rendered":"

The government has revised downwards its oil price forecast for FY2019-20 to USD 70 per barrel, <\/b>down from USD 74 per barrel, according to a Finance Ministry document (pdf)<\/a> published earlier this week. Each USD 1 increase in the price of a barrel costs the Egyptian government EGP 2.3 bn, the ministry said in the statement. The government is basing its FY2019-20 budget on the average exchange rate set by the CBE between 1-15 March, which was 17.46, a ministry official told reporters earlier this week<\/a>. The House of Representatives received earlier this week<\/a> the draft budget, which forecasts the deficit at 7.2% and GDP growth at 6% by June 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government has revised downwards its oil price forecast for FY2019-20 to USD 70 per barrel, down from USD 74 per barrel, according to a Finance Ministry document (pdf) published earlier this week. Each USD 1 increase in the price of a barrel costs the Egyptian government EGP 2.3 bn, the ministry said in the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[279,93,72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602626","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-budget-watch","tag-energy","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"38f06cdd-6132-48ef-a131-d9137c1be77d","is_powered_by":true,"section_story_id":"f861f9f5-9a4f-48e5-9a95-555801545114","story_type":"1","photo_url":"","photo_position":"above","related_issue":[602612],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t revises oil price forecast to USD 70 per barrel in 2019-20 budget draft - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/02\/govt-revises-oil-price-forecast-to-usd-70-per-barrel-in-2019-20-budget-draft\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t revises oil price forecast to USD 70 per barrel in 2019-20 budget draft\" \/>\n<meta property=\"og:description\" content=\"The government has revised downwards its oil price forecast for FY2019-20 to USD 70 per barrel, down from USD 74 per barrel, according to a Finance Ministry document (pdf) published earlier this week. Each USD 1 increase in the price of a barrel costs the Egyptian government EGP 2.3 bn, the ministry said in the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/02\/govt-revises-oil-price-forecast-to-usd-70-per-barrel-in-2019-20-budget-draft\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-02T04:05:55+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/02\/govt-revises-oil-price-forecast-to-usd-70-per-barrel-in-2019-20-budget-draft\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/02\/govt-revises-oil-price-forecast-to-usd-70-per-barrel-in-2019-20-budget-draft\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Gov\u2019t revises oil price forecast to USD 70 per barrel in 2019-20 budget draft\",\"datePublished\":\"2019-04-02T04:05:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/02\/govt-revises-oil-price-forecast-to-usd-70-per-barrel-in-2019-20-budget-draft\/\"},\"wordCount\":119,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"budget watch\",\"energy\",\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/02\/govt-revises-oil-price-forecast-to-usd-70-per-barrel-in-2019-20-budget-draft\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/02\/govt-revises-oil-price-forecast-to-usd-70-per-barrel-in-2019-20-budget-draft\/\",\"name\":\"Gov\u2019t revises oil price forecast to USD 70 per barrel in 2019-20 budget draft - 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Public wages will account for EGP 294.9 bn of total spending, up from EGP 266 bn in the current fiscal\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":663448,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/09\/govt-lowers-its-forecast-for-oil-prices-in-fy-2025-26-amid-global-uncertainty\/","url_meta":{"origin":602626,"position":1},"title":"Gov\u2019t lowers its forecast for oil prices in FY 2025-26 amid global uncertainty","author":"enterpriseam admin","date":"9 April 2025","format":false,"excerpt":"The government\u2019s estimated price could be higher than actual oil price levels during the year, our source suggested","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2143.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599001,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/","url_meta":{"origin":602626,"position":2},"title":"Egypt looking at USD 65-70\/bbl in fuel hedge set to take effect in July","author":"enterpriseam admin","date":"16 June 2019","format":false,"excerpt":"Gov\u2019t looking at USD 65-70\/bbl in fuel hedge contracts set to take effect in July: The finance and oil ministries have started renegotiating the USD 70\/bbl price they had agreed on under fuel hedging contracts set to take effect next month, a government source told the local press. The government\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/104.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600794,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/11\/government-reviews-fx-rate-oil-price-at-2018-2019-budget\/","url_meta":{"origin":602626,"position":3},"title":"Government reviews FX rate, oil price at 2018\/2019 budget","author":"enterpriseam admin","date":"11 February 2019","format":false,"excerpt":"FinMin sees growth accelerating, forecasts weaker average EGP exchange rate this fiscal year, will budget for oil at USD 67 \/ bbl for next year: The Finance Ministry revised its expected average USD:EGP exchange rate for the current (2018-19) fiscal year ending in June to EGP 18 to the greenback\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598689,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/finmin-to-set-new-medium-term-economic-targets-as-global-macro-headwinds-build\/","url_meta":{"origin":602626,"position":4},"title":"FinMin to set new medium-term economic targets as global macro headwinds build","author":"enterpriseam admin","date":"2 June 2019","format":false,"excerpt":"EXCLUSIVE- FinMin to set new medium-term economic targets as global macro headwinds build: The Finance Ministry is on track to specify \u201cmore realistic\u201d medium-term targets for Egypt\u2019s key macro indicators in light of a challenging outlook for global growth and volatility in emerging markets, according to official documents seen by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570413,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/government-spending-on-health-education-wages-and-welfare-is-set-to-increase-in-fy2020-2021\/","url_meta":{"origin":602626,"position":5},"title":"Government spending on health, education, wages and welfare is set to increase in FY2020-2021","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"Government spending on health, education, wages and welfare is set to increase in the coming fiscal year, according to highlights of the draft 2020-2021 budget released yesterday by the Finance Ministry. 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