Egypt, which recently diverted a number of incoming liquefied natural gas shipments, is reviewing its energy import needs amid a fall in domestic power demand and a drive to trim spending. Fuel purchases have continued into the cooler months, with gas production down 19% year-on-year in September, according to the Joint Organizations Data Initiative. There’s been a recent shift in approach, however, with authorities rescheduling deliveries of several LNG cargoes from the current quarter to the next one, a person familiar with the matter said last week. LNG shipments are costly for a nation that’s seen a plunge in revenue from the Suez Canal as commercial ships avoid the key waterway following Houthi attacks in the Red Sea. Lower LNG demand from Egypt frees up more cargoes for Europe, where cold weather has raised demand and prices.

Source: The North Africa Journal November 24, 2024 13:04 UTC