The Finance Ministry has put aside the fuel-hedging contracts it was due to finalise with two banks as crude prices proved lower than annual budget projections, a government source told Enterprise. Even though it has jumped in recent days on the back of a decision by OPEC and its allies to cut production, crude is still below the USD67/bbl Egypt had projected in its yearly budget, meaning there is no need for hedging during this fiscal year, the source said. The state sees prices in a comfortable range into 2019, the source added.
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