Skip to content
Subscriber Only

Egypt Buys ‘Huge’ Oil Hedge to Lock In Gains from Price Rout

  • Finance minister says Egypt almost doubled hedging this year
  • Country may also protect itself against rising wheat prices
Russian Oil Fields Ahead of 180th OPEC Meeting
Photographer: Andrey Rudakov/Bloomberg

Egypt has bought more derivative contracts to protect itself against a rise in oil costs, as some importers seek to take advantage of this year’s price rout.

The most populous Arab nation has almost doubled its oil hedges during the 2020-21 fiscal year ending in June, Finance Minister Mohamed Maait said in an interview.