Egypt Base Oil Market Outlook

egypt is one of the leading producers of oil and holds a prominent position in the international petroleum market. it has a long-standing history of success in the domestic oil industry and has attracted investments from several major oil players. oil production has been on an upward trajectory since early 2018, with crude production increasing by 11.9 percent. this has resulted in a significant improvement in the overall supply situation, and improvement in oil prices. the demand for oil in the country remains on the rise. demand from the transportation sector remains high, with this rising by 8.5 percent in 2018. additionally, the country has seen a boost in demand due to an increase in industrial activity in 2018. growth from the household segment is expected to remain steady in the coming years as amount of jobs available have increased in the country. the government of egypt also invests heavily in oil exploration, leading to the discovery of new reserves. this would have a positive impact on the supply side of the market in the future. additionally, the government's efforts to attract foreign investments into the oil and gas sector will also help in boosting output. furthermore, the country has also seen consistent progress in the development of infrastructure, which will reduce the cost involved in the transportation of petroleum products and will also lead to increased demand from both domestic and international markets. overall, the demand for base oils in egypt is expected to remain strong in the next few years. despite defense spending by countries in the middle east, the country is expected to benefit from favorable market conditions in the global markets. going forward, demand will be supported by the domestic sector as well as increased demand from abroad.