EGYPT

Egypt to Cut July Oil Prices by up to $1.50 a Barrel 

Talking to Reuters in Cairo on 18 July, an official of the Egyptian General Petroleum Corporation (EGPC) denied that the EGPC had telexed new oil prices to clients and said that it was still negotiating with them. However, he confirmed that "there will certainly be a cut of up to $1.50 (a barrel) and an official announcement will be made next week." The new prices will be retroactive to 1 July, he said.

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