With the increasing importance of the oil and gas sectors to the Egyptian economy, it is essential to understand how the international oil and gas markets work and how prices will move in the future. In this lecture, Professor Mabro, a widely recognized energy industry expert, offered insight into these issues by discussing: 1. The characteristics of the international markets of oil and gas; 2. Pricing mechanisms and determinants and the role of the futures market; 3. Expected market developments and their implications for Egypt.