{"id":547682,"date":"2022-07-03T04:23:00","date_gmt":"2022-07-03T04:23:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/prepare-for-stratospheric-oil-prices\/"},"modified":"2022-07-03T04:23:00","modified_gmt":"2022-07-03T04:23:00","slug":"prepare-for-stratospheric-oil-prices","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/prepare-for-stratospheric-oil-prices\/","title":{"rendered":"Prepare for \u201cstratospheric\u201d oil prices?"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>Oil could reach a \u201cstratospheric\u201d USD 380 a barrel if Russia <\/strong><strong>continues to slash output to EU countries<\/strong> in response to escalating Western sanctions, JPMorgan analysts warned in a note to clients cited by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-01\/jpmorgan-sees-stratospheric-380-oil-on-worst-case-russian-cut?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. G7 nations <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/93149ce9-349a-4e2e-81ef-e033a2b74c1a\">have been working<\/a> towards implementing a price cap on Russian oil in a bid to tamp down on global price surges and tighten sanctions against Moscow. \u201cThe most obvious and likely risk with a price cap is that Russia might choose not to participate and instead retaliate by reducing exports,\u201d the analysts wrote. \u201cIt is likely that the government could retaliate by cutting output as a way to inflict pain on the West. The tightness of the global oil market is on Russia\u2019s side.\u201d<\/p>\n<p><strong>The breakdown:<\/strong> Russia could realistically cut supplies by 5 mn barrels (which is the worst case scenario that could push prices up to USD 380), while a 3 mn-barrel cut to daily supplies would push benchmark London crude prices to USD 190. Brent crude is currently trading at USD 111 a barrel, down from its post-invasion highs but significantly above where it was before the war.<\/p>\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>9,226<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: -22.8%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.75<\/p>\n<\/td>\n<td>\n<p>Sell 18.83<\/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>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.78<\/p>\n<\/td>\n<td>\n<p>Sell 18.84<\/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-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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,523<\/p>\n<\/td>\n<td>\n<p>-1.7% (YTD: +2.1%)<\/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>9,345<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +10.1%)<\/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>3,202<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +0.2%)<\/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>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,825<\/p>\n<\/td>\n<td>\n<p>+1.1% (YTD: -19.7%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,169<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: -2.9%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,448<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -19.8%)<\/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 111.63<\/p>\n<\/td>\n<td>\n<p>+2.4%<\/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 5.73<\/p>\n<\/td>\n<td>\n<p>+5.6%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,801.50<\/p>\n<\/td>\n<td>\n<p>-0.3%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 19,309<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -53.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 0.5% during Wednesday\u2019s session<\/strong> on turnover of EGP 554 mn (33.2% below the 90-day average). Foreign investors were net sellers. The index is down 22.8% YTD.<\/p>\n<p><strong>In the green: <\/strong>GB Auto (+4.7%), Talaat Moustafa Group (+4.0%) and Rameda (+3.8%).<\/p>\n<p><strong>In the red: <\/strong>Cleopatra Hospital (-2.1%), Orascom Construction (-1.9%) and Heliopolis Housing (-1.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil could reach a \u201cstratospheric\u201d USD 380 a barrel if Russia continues to slash output to EU countries in response to escalating Western sanctions, JPMorgan analysts warned in a note to clients cited by Bloomberg. G7 nations have been working towards implementing a price cap on Russian oil in a bid to tamp down on [&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":[93,72,7192,119,91,122,270],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547682","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-energy","tag-enterpriseam","tag-eu","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","tag-russia","wpautop","entry"],"acf":{"mongo_id":"1a546432-9ef3-49ac-9518-9bb5f3f1319a","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[547651],"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>Prepare for \u201cstratospheric\u201d oil prices? - 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\/07\/03\/prepare-for-stratospheric-oil-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prepare for \u201cstratospheric\u201d oil prices?\" \/>\n<meta property=\"og:description\" content=\"Oil could reach a \u201cstratospheric\u201d USD 380 a barrel if Russia continues to slash output to EU countries in response to escalating Western sanctions, JPMorgan analysts warned in a note to clients cited by Bloomberg. 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Russia \u201cwould simply not sell to the countries\u201d that imposed the cap\u2026","rel":"","context":"In &quot;AROUND THE WORLD&quot;","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/196.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549925,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy\/","url_meta":{"origin":547682,"position":2},"title":"Is China positioning itself to snap up oil reserves when it lifts its covid-zero policy?","author":"enterpriseam admin","date":"5 October 2022","format":false,"excerpt":"Could snap up remaining global oil reserves? The CEO of Saudi Aramco has warned that China will likely snap up spare oil capacity when it lifts its covid-zero strategy, Bloomberg reports. Crude oil prices dropped below USD 90 a barrel partly due to China\u2019s strict covid restrictions suppressing demand. Analysts\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":544856,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/russia-sanctions-to-exacerbate-global-diesel-shortage-warn-oil-traders\/","url_meta":{"origin":547682,"position":3},"title":"Russia sanctions to exacerbate global diesel shortage, warn oil traders","author":"enterpriseam admin","date":"23 March 2022","format":false,"excerpt":"Fuel rationing could be coming to Europe \u2014 and that\u2019s before it goes cold turkey from Russian gas: Europe faces a \u201csystemic\u201d shortage of diesel due to sanctions on Russia that could force governments to ration fuel, three of the world\u2019s largest energy traders have warned, according to the Financial\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":579346,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/opec-maintains-oil-output-as-uncertainty-clouds-market-outlook\/","url_meta":{"origin":547682,"position":4},"title":"OPEC+ maintains oil output as uncertainty clouds market outlook","author":"enterpriseam admin","date":"2 February 2023","format":false,"excerpt":"OPEC+ keeps oil output steady: The OPEC oil cartel and its allies kept oil output unchanged in a virtual meeting yesterday, according to a statement, sticking to an agreed plan to cut production by 2 mn barrels per day through the end of 2023. The meeting lasted less than thirty\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\/2023\/2\/46.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547443,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/this-morning-our-latest-import-recession-fears-russia-drama-continues-to-roil-the-energy-markets\/","url_meta":{"origin":547682,"position":5},"title":"THIS MORNING: Our latest import: recession fears + Russia drama continues to roil the energy markets","author":"enterpriseam admin","date":"22 June 2022","format":false,"excerpt":"It\u2019s a packed issue today, ladies and gentlemen, as we hit the dash to the weekend. Our friends from the GCC continue to come through for us, with KSA leading the pack.THE BIG STORY here at home: the Saudis making it rain. We bring you an unofficial KSA-themed issue this\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"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\/547682","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=547682"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547682\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547651"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547682"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547682"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}