Cairo hopes to raise oil output to 720,000 b/d by next June. But output is just 640,000 b/d, and is falling not rising, as key producer Apache cuts capex.

Egypt last saw a major boost to oil output in the eighties when production from the Gulf of Suez began ramping-up. It hopes to change that, with Abed Ezz El-Regal, head of state oil firm EGPC, telling local media outlet Amwal al-Ghad that oil output will rise to 720,000 b/d by the end of the current financial year in June 2020.

But...