The Phoenix: Prospects of Egypt’s Oil and Gas Sector
... prices were reaching $90-$100 per barrel, reforms of this sector boded greater implications for the local governments, as they would have had to deal with higher increases in domestic fuel prices, and consequently with the public disapproval. Cheap oil helped Egypt decrease the amount of money allocated to fuel subsidies. However, further action is needed. In fact, the IMF has reiterated that the states of the region should abandon fuel subsidies altogether. The tentative attempts of reforms taken in Egypt ...