{"id":547028,"date":"2022-06-06T04:08:48","date_gmt":"2022-06-06T04:08:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/markets-shrug-after-opec-ups-oil-supply-increases-the-us-turns-to-foes-for-oil\/"},"modified":"2022-06-06T04:08:48","modified_gmt":"2022-06-06T04:08:48","slug":"markets-shrug-after-opec-ups-oil-supply-increases-the-us-turns-to-foes-for-oil","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/markets-shrug-after-opec-ups-oil-supply-increases-the-us-turns-to-foes-for-oil\/","title":{"rendered":"Markets shrug after OPEC ups oil supply increases + the US turns to foes for oil"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Oil producers to temporarily up supply:<\/strong> OPEC+ has agreed to boost oil production in July and August by 650k barrels a day from the current 400k bpd, the alliance of oil producers announced in a <a href=\"https:\/\/www.opec.org\/opec_web\/en\/press_room\/6882.htm\">statement<\/a> following its Thursday meeting, bringing forward an increase it had initially scheduled for September. This came after <a href=\"https:\/\/www.theguardian.com\/us-news\/2022\/mar\/13\/white-house-us-joe-biden-oil-output-prices-saudi-arabia-uae\">weeks of lobbying<\/a> from the US to convince cartel linchpin Saudi Arabia to ramp up production in response to falling Russian output.<\/p>\n<p><strong>This didn\u2019t stop oil prices from rising:<\/strong> Brent crude rose back above USD 116 a barrel on Thursday as traders digested the news that supply will return to previous levels after August \u2014 and was trading above USD 120 as of early this morning.<\/p>\n<p><strong>Washington is turning to its adversaries to calm oil prices:<\/strong> The US could allow Venezuela and Iran to export more oil as it looks to bring down prices and ease pressure on Europe, which is trying to find alternative suppliers after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bba3fbb-ced2-4d4c-b456-b7b8c8179395\">pledging to ban Russian crude<\/a>, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-05\/us-may-allow-more-iran-oil-to-flow-even-without-deal-says-vitol?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> and <a href=\"https:\/\/www.reuters.com\/business\/energy\/exclusive-us-let-eni-repsol-ship-venezuela-oil-europe-debt-sources-2022-06-05\/\">Reuters<\/a>.<\/p>\n<p><strong>MEANWHILE IN GAS- LNG shipping rates are soaring:<\/strong> Shipowners are charging almost their highest rates in a decade to charter LNG tankers as sanctions on Russia cause energy companies to scramble to secure shipping capacity months ahead of winter. (<a href=\"https:\/\/www.ft.com\/content\/bc66773f-b1fb-4105-83c6-582a2c7735cb\">Financial Times<\/a>)<\/p>\n<p><strong>Also worth noting:<\/strong><\/p>\n<ul>\n<li><strong>Has the USD \u201ctopped out\u201d? <\/strong>The USD has dropped 2% from last month\u2019s peak, leaving some analysts wondering whether the US economy is as strong as it seems and if the US central bank could be forced to slow its tightening cycle. (<a href=\"https:\/\/www.wsj.com\/articles\/dollars-climb-stalls-amid-mixed-economic-signals-11654376147?mod=hp_lead_pos1\">Wall Street Journal<\/a>)<\/li>\n<li><strong>PIF to buy stake in Jordan\u2019s Capital Bank Group: <\/strong>The Saudi sovereign wealth is acquiring a 24% stake (63 mn shares) in one of the Middle East\u2019s biggest banking groups for USD 185 mn. (<a href=\"https:\/\/www.pif.gov.sa\/en\/Pages\/NewsDetails.aspx?NewsId=213\">Statement<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,986<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -16.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.60<\/p>\n<\/td>\n<td>\n<p>Sell 18.68<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.62<\/p>\n<\/td>\n<td>\n<p>Sell 18.68<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,656<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +12.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,837<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +15.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,387<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +6.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,109<\/p>\n<\/td>\n<td>\n<p>-1.6% (YTD: -13.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,533<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: +2.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,784<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -12.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 121.38<\/p>\n<\/td>\n<td>\n<p>+1.4%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.85<\/p>\n<\/td>\n<td>\n<p>+3.9%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,855<\/p>\n<\/td>\n<td>\n<p>+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 29,942<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: -35.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 347 mn (58.8% below the 90-day average). Local investors were net buyers. The index is down 16.4% YTD.<\/p>\n<p><strong>In the green: <\/strong>Ezz Steel (+6.3%), MM Group (+6.1%) and Heliopolis Housing (+1.8%).<\/p>\n<p><strong>In the red: <\/strong>Orascom Construction (-2.6%), Orascom Development Egypt (-2.2%) and EFG Hermes (-2.2%).<\/p>\n<p><strong>Asian markets are in the red this morning <\/strong>with the exception of Seoul\u2019s Kospi. Futures suggest a brighter picture on Wall Street when it opens later in the day, while European markets look set for a more mixed start to the day\u2019s trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil producers to temporarily up supply: OPEC+ has agreed to boost oil production in July and August by 650k barrels a day from the current 400k bpd, the alliance of oil producers announced in a statement following its Thursday meeting, bringing forward an increase it had initially scheduled for September. This came after weeks of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[2003,380,72,119,7128,91,128,1389,122,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547028","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-capital-bank","tag-currencies","tag-enterpriseam","tag-financial-markets","tag-ma-watch","tag-oil-and-gas","tag-opec","tag-pif","tag-planet-finance","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"411e9db7-3d2c-4b8d-85ad-54ca9e58ee0e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[547004],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Markets shrug after OPEC ups oil supply increases + the US turns to foes for oil - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/markets-shrug-after-opec-ups-oil-supply-increases-the-us-turns-to-foes-for-oil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Markets shrug after OPEC ups oil supply increases + the US turns to foes for oil\" \/>\n<meta property=\"og:description\" content=\"Oil producers to temporarily up supply: OPEC+ has agreed to boost oil production in July and August by 650k barrels a day from the current 400k bpd, the alliance of oil producers announced in a statement following its Thursday meeting, bringing forward an increase it had initially scheduled for September. 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