Egypt’s energy deficit and the country’s overall import bill hit record levels in 2015. Suez Canal and tourism revenues are down, while the largesse of the country’s Gulf benefactors is under threat.

Egypt’s oil products demand hit a record 821,000 b/d in 2015, outstripping modest gains in crude output. Net oil products imports of 321,000 b/d were also at an all-time high, as were figures for diesel (149,000 b/d), fuel oil (77,000 b/d) and gasoline (59,000 b/d),...