Good afternoon, ladies and gentlemen, and happy almost-weekend. The news cycle isn’t showing any signs of slowing down, and we’ve got the latest below. In today’s issue, we discuss how you can take a career breather, unearth a forgotten classic that asks: “what if men didn’t exist?” and more.

🌙 So, when do we eat? Maghrib prayers are at 6:01pm in the capital, and you’ll have until 4:42am tomorrow to hydrate and caffeinate ahead of fajr.

THE BIG STORY TODAY-

📍 The Oil Ministry is moving to clear USD 500 mn in arrears to international oil companies before the end of May, a government official tells EnterpriseAM. The ministry wants to prevent arrears from piling up again, signaling its intention to keep the investment cycle intact despite regional turbulence.

The move falls within a broader effort to shrink the outstanding backlog to some USD 1.2 bn by the end of June. If executed, that would bring total payments to roughly USD 5 bn — a number closely watched by operators who tie future drilling budgets to the government's ability to pay on time.

^^ We’ll have more on this story in tomorrow’s edition of EnterpriseAM.

THE BIG STORY ABROAD-

🌐 Amid surging crude prices triggered by the US-Israeli war with Iran, the International Energy Agency (IEA) proposed the largest release of oil reserves in its history — 400 mn barrels. The proposal came out of the IEA’s Tuesday emergency meeting, with the reserves set to be released over a period of two months. Responses from member countries are expected Wednesday, with officials saying a rejection by just one country could delay the release plan.

^^Read more on: Reuters and the Wall Street Journal.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Annual urban inflation surged to 13.4% in February, up from 11.9% in January. The reading, which preceded the full impact of the regional conflict, has prompted analysts to forecast a definitive pause of the Central Bank of Egypt’s monetary easing cycle;
  • The Transport Ministry has re-offered the right to operate and develop Berenice International Port after Kuwait’s Alghanim Group was withdrawn from the project last month;
  • The Madbouly government has activated a package of temporary preemptive and social measures. With this high-stakes intervention, the government hopes to lock down essential energy supplies, keep the economic engine running, and shield the domestic market.

☀️ TOMORROW’S WEATHER- We’re in for more of the same on the weather front in the capital tomorrow, with the mercury set to peak at 24°C, with a low of 14°C, according to our favorite weather app.

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