29 June 1998
Egypt To Cut Production By 20,000 B/D From 1 July
Oil Minister Hamdi al-Banbi has confirmed that Egypt will cut oil production by 20,000b/d starting 1 July, Egyptian Oil Ministry officials said in Cairo on 21 June. Theofficials, quoting Dr. Banbi, said Egyptian oil production will drop from 850,000 to830,000 b/d in support of efforts by OPEC to prop up oil prices by creating a balancebetween supply and demand on the international market.
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