{"id":547286,"date":"2022-06-15T03:59:19","date_gmt":"2022-06-15T03:59:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/15\/oil-prices-could-go-down-in-2023-says-opec\/"},"modified":"2022-06-15T03:59:19","modified_gmt":"2022-06-15T03:59:19","slug":"oil-prices-could-go-down-in-2023-says-opec","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/15\/oil-prices-could-go-down-in-2023-says-opec\/","title":{"rendered":"Oil prices could go down in 2023, says Opec"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>OPEC expects oil demand growth to fall to 2 mn barrels per day (bpd) or less in <\/strong><strong>2023<\/strong>, compared to an expected growth of 3.36 mn bpd in 2022, <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/exclusive-opec-sees-global-oil-demand-growth-slowing-2023-sources-say-2022-06-14\/\">Reuters<\/a> reports, citing sources in the know. Oil prices have hit record highs, pushing up inflation \u2014 but these high prices are now eating into growth projections for 2022 and forecasting for slower growth in 2023. OPEC\u2019s official forecast for 2023 is expected to be published in July.<\/p>\n<p><strong>ALSO IN PLANET FINANCE-<\/strong><\/p>\n<ul>\n<li><strong>Coinbase slashes jobs as crypto winter deepens: <\/strong>Crypto exchange platform Coinbase has laid off almost a fifth of its workforc<strong>e<\/strong> amid a plunge in crypto prices. Shares in the company have plunged 85% since November in response to the tanking crypto market, which has seen BTC lose more than 60% of its value in the same period. (<a href=\"https:\/\/blog.coinbase.com\/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12\">Statement<\/a>)<\/li>\n<li><strong>Mubasher will not be deterred by the meltdown: <\/strong>Mubasher will launch its MENA crypto trading platform <a href=\"https:\/\/www.ducrypto.com\/en_US\/\">Ducrypto<\/a> on Thursday, allowing users to trade in BTC, Ripple, Ethereum, Dogecoin and other cryptocurrencies. (<a href=\"https:\/\/bit.ly\/3O9BDgp\">Statement<\/a>)<\/li>\n<li><strong>No IPO for Coca-Cola\u2019s African business this year<\/strong>: Coca-Cola Co is pushing a planned IPO of part of its stake in Coca-Cola Beverages Africa to 2023 due to poor macroeconomic conditions. (<a href=\"https:\/\/www.coca-colacompany.com\/press-releases\/coca-cola-plans-to-delay-listing-of-ccba\">Statement<\/a>)<\/li>\n<\/ul>\n<table class=\"markets-table\">\n<tbody>\n<tr class=\"gray-table\">\n<td>\n<p><img decoding=\"async\"  width=\"14\" class=\"market-arrow\" alt=\"Up\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,981<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -16.5%)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><img decoding=\"async\"  width=\"14\" class=\"market-arrow\" alt=\"Up\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.70<\/p>\n<\/td>\n<td>\n<p>Sell 18.78<\/p>\n<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td>\n<p><img decoding=\"async\"  width=\"14\" class=\"market-arrow\" alt=\"Up\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.72<\/p>\n<\/td>\n<td>\n<p>Sell 18.78<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><img decoding=\"async\"  width=\"14\" class=\"market-arrow\" alt=\"None\" src=\"\"><\/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=\"gray-table\">\n<td>\n<p><img decoding=\"async\" width=\"14\" class=\"market-arrow\"alt=\"Down\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,021<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +6.6%)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><img decoding=\"async\"  width=\"14\" class=\"market-arrow\" alt=\"Up\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,547<\/p>\n<\/td>\n<td>\n<p>+0.9% (YTD: +12.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td>\n<p><img decoding=\"async\"  width=\"14\" class=\"market-arrow\" alt=\"Up\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,297<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +3.2%)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><img decoding=\"async\" width=\"14\" class=\"market-arrow\"alt=\"Down\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,735<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: -21.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td>\n<p><img decoding=\"async\" width=\"14\" class=\"market-arrow\"alt=\"Down\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,187<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -2.7%)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><img decoding=\"async\" width=\"14\" class=\"market-arrow\"alt=\"Down\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,475<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -19.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td>\n<p><img decoding=\"async\" width=\"14\" class=\"market-arrow\"alt=\"Down\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 121.17<\/p>\n<\/td>\n<td>\n<p>-0.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><img decoding=\"async\"  width=\"14\" class=\"market-arrow\" alt=\"Up\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 7.32<\/p>\n<\/td>\n<td>\n<p>+1.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td>\n<p><img decoding=\"async\" width=\"14\" class=\"market-arrow\"alt=\"Down\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,808.90<\/p>\n<\/td>\n<td>\n<p>-0.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><img decoding=\"async\" width=\"14\" class=\"market-arrow\"alt=\"Down\" src=\"\"><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 21,364<\/p>\n<\/td>\n<td>\n<p>-7.0% (YTD: -53.4%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 683 mn (18.2% above the 90-day average). Foreign investors were net sellers. The index is down 16.5% YTD.<\/p>\n<p><strong>In the green: <\/strong>CIRA (+2.4%), Egypt Kuwait Holding-EGP (+2.2%) and MM Group (+1.9%).<\/p>\n<p><strong>In the red: <\/strong>TMG Holding (-3.3%), Credit Agricole Egypt (-2.1%) and e-Finance (-1.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPEC expects oil demand growth to fall to 2 mn barrels per day (bpd) or less in 2023, compared to an expected growth of 3.36 mn bpd in 2022, Reuters reports, citing sources in the know. Oil prices have hit record highs, pushing up inflation \u2014 but these high prices are now eating into growth [&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":[1760,344,72,119,78,89,122,270,90,304],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547286","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-coca-cola","tag-cryptocurrency","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-israel","tag-planet-finance","tag-russia","tag-uae","tag-ukraine","wpautop","entry"],"acf":{"mongo_id":"69b823e9-4d7a-4038-a644-30c0c4689375","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[547266],"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>Oil prices could go down in 2023, says Opec - 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\/15\/oil-prices-could-go-down-in-2023-says-opec\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices could go down in 2023, says Opec\" \/>\n<meta property=\"og:description\" content=\"OPEC expects oil demand growth to fall to 2 mn barrels per day (bpd) or less in 2023, compared to an expected growth of 3.36 mn bpd in 2022, Reuters reports, citing sources in the know. 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From August until the end of next year, OPEC+ will add 400k barrels per day each month, extending the supply cuts to December 2022 instead of April. This will\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547028,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/markets-shrug-after-opec-ups-oil-supply-increases-the-us-turns-to-foes-for-oil\/","url_meta":{"origin":547286,"position":2},"title":"Markets shrug after OPEC ups oil supply increases + the US turns to foes for oil","author":"enterpriseam admin","date":"6 June 2022","format":false,"excerpt":"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.\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557018,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/02\/is-a-golden-era-for-em-equities-around-the-corner\/","url_meta":{"origin":547286,"position":3},"title":"Is a golden era for EM equities around the corner?","author":"enterpriseam admin","date":"2 September 2021","format":false,"excerpt":"Is a golden era for emerging market equities around the corner? Investors are banking on a rebound in EM stocks, with EM equity funds having seen USD 81 bn in inflows so far this year, despite market volatility caused by China\u2019s regulatory crackdown on tech and education businesses last month,\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":584699,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/oil-soars-on-opecs-shock-production-cuts\/","url_meta":{"origin":547286,"position":4},"title":"Oil soars on OPEC\u2019s shock production cuts","author":"enterpriseam admin","date":"4 April 2023","format":false,"excerpt":"Tighter energy markets could spur yet more inflation","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549078,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/opec-cuts-oil-supply-forecast-for-this-year-and-the-next\/","url_meta":{"origin":547286,"position":5},"title":"OPEC+ cuts oil supply forecast for this year and the next","author":"enterpriseam admin","date":"1 September 2022","format":false,"excerpt":"Oil prices fell for a third consecutive month in August as the combination of global monetary tightening to check rampant inflation and China\u2019s ongoing zero-covid strategy put the brakes on demand, Bloomberg reports. The three-month slump in prices is the longest since the pandemic-era and breaks a months-long bull run\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547286"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547286\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547266"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547286"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547286"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}