EGYPT

Egypt Backdates 75-Cent/B Oil Price Cut to 1 April 

The Egyptian General Petroleum Corporation (EGPC) has back- dated the 75-cent a barrel oil price cut introduced on 1 May (MEES, 29 April and 6 May) to 1 April. This will benefit term customers who purchased Egyptian crude in April. After the 75-cent cut, the benchmark Suez blend crude was officially priced at $26.75/B but was trading on the spot market at the end of last week at $24.95/B. The May prices which have now become...