Egypt PM warns of higher oil prices from regional war after 1st Crisis Committee meeting
Egypt's Prime Minister Mostafa Madbouly on Wednesday warned that a continuation of the current regional conflict could lead to higher petroleum prices and potential shortages, after chairing the first meeting of a newly formed 'Crisis Committee' to manage the fallout.
The committee was established to monitor the repercussions of the military escalation between Israel and Iran. Madbouly stated he had directed ministers to prepare for various scenarios to handle the consequences.
'The continuation of the current war could lead to a rise in petroleum prices, and there could even be a crisis in their availability,' Madbouly said in a press conference following the meeting. 'If the current crisis continues, it could drag the region into a regional war.'
He added: 'We have no choice but to work on all scenarios, and I pray to God there are no worse scenarios.'
While addressing the external threats, Madbouly also sought to reassure the public about the domestic economic situation, stating that strategic commodity reserves were secure and that the government was working to ensure market stability.
'Things are stable, and we will stand against any attempt to create a crisis out of nothing,' he said, adding that strategic goods were at their 'highest levels of security.'
On the energy front, he announced that two new petroleum fields in the Western Desert are set to come into service next month, which will help boost local production.
He acknowledged that temporary measures had been taken to reduce pressure on the national gas system, including briefly halting operations at some gas-powered factories. He said the government was in communication with these factories to mitigate the effects and offer compensatory incentives.
Madbouly assured the public that the gas issue would be fully resolved before the end of the current month with the arrival of new regasification vessels. 'The solutions we are working on will secure the state from any future stoppage in supplies,' he said.
Regarding electricity, Madbouly stated that there was no load shedding 'at this stage,' but he noted that power cuts due to transformer failures could occur as summer temperatures rise.
The first meeting of the 'Crisis Committee' was attended by a host of senior officials, including the ministers of industry, finance, planning, electricity, petroleum, and foreign affairs, as well as the central bank governor and representatives from the ministries of defence and interior, general intelligence, and the administrative control authority.
The prime minister's office said the committee was formed to monitor developments 'on a moment-by-moment basis' and to deal with any emerging situations.
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