Egypt's Prime Minister Mostafa Madbouly announced that the country's natural gas production is expected to return to normal levels by June 2025. This follows a recent slump in output, which has forced Egypt to become an importer of natural gas for the first time in years due to rising domestic demand.
The decline in local supply has been attributed to foreign oil companies struggling to maintain their fields, primarily due to significant arrears owed to them by the Egyptian government. As of July, approximately a quarter of this backlog had been addressed, aided by improved government finances resulting from a $57 billion bailout orchestrated by the United Arab Emirates and the International Monetary Fund.
This development is critical not only for Egypt's energy security but also for regional energy markets, as fluctuations in Egypt's production can impact gas supply dynamics across the Mediterranean and beyond.