{"id":549177,"date":"2022-09-06T04:00:23","date_gmt":"2022-09-06T04:00:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/06\/opec-unexpectedly-cuts-oil-supply\/"},"modified":"2022-09-06T04:00:23","modified_gmt":"2022-09-06T04:00:23","slug":"opec-unexpectedly-cuts-oil-supply","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/06\/opec-unexpectedly-cuts-oil-supply\/","title":{"rendered":"OPEC+ unexpectedly cuts oil supply"},"content":{"rendered":"

<\/a> And Europe learned the meaning of the word A_a\u2026<\/strong> OPEC+ will cut supply in October in a surprise move meant to support oil prices, which have fallen back in recent weeks on fears of a global slowdown. The Saudi Arabia and Russia-led alliance agreed to reduce output by 100k barrels a day in October in its monthly meeting yesterday, it said in a statement<\/a>.<\/p>\n

Market reax:<\/strong> Brent crude jumped 3.0% yesterday to USD 95.78 a barrel while US crude briefly rose above USD 90 for the first time since August before falling back.<\/p>\n

Let\u2019s not overstate this:<\/strong> The cut will take us back to where we were in August and reverses the paltry hike<\/a> made to supply following pressure from Western countries to cool oil prices.<\/p>\n

But let\u2019s not understate it either:<\/strong> The move will not be welcomed in European capitals and the US where soaring energy costs and supply shortages driven by the sanctions war with Russia are provoking an unprecedented energy crisis in Europe and fuelling inflation across the Atlantic. The cut also comes as Western nations try to drum up support around the world for a price cap on Russian oil<\/a>, a policy which, if successful, will send further shockwaves through energy markets.<\/p>\n

\n

Dubai\u2019s road-toll operator could become the third state-owned firm to <\/strong>IPO <\/strong>this <\/strong>year:<\/strong> Dubai will sell a 20% stake in Salik on the stock exchange in a transaction that it hopes could raise USD 1 bn, according to Bloomberg<\/a>. The company will offer 1.5 bn shares to investors in an IPO scheduled to take place in September, it said in a<\/a>statement (p<\/a>df)<\/a> yesterday. Subscription will open on 13 September to retail and institutional investors.<\/p>\n

Advisors- <\/strong>Our friends at EFG Hermes<\/strong> and HSBC<\/strong> have been appointed as joint bookrunners alongside Citigroup<\/strong>, while Emirates NBD<\/strong>, Goldman Sachs<\/strong> and Merrill Lynch<\/strong> are global coordinators.<\/p>\n

\n

The CNY is falling \u2014 and that\u2019s not great news for emerging markets:<\/strong> The People\u2019s Bank of China (PBOC) is cutting local banks\u2019 FX deposit ratio \u2014 the amount of foreign currency banks must hold in reserve \u2014 to 6% from 8% in a bid to stop the CNY\u2019s slide, Bloomberg<\/a> reports. The local currency has hit a two-year low against the greenback, as Beijing\u2019s zero-covid policy and a struggling property market pressure the Chinese economy just as the USD strengthens on rising interest rates. The CNY has lost nearly 10% to the USD over the last six months to trade at around USD 6.93 to the USD, with banks including Goldman Sachs expecting it to pass the USD 7.00 mark.<\/p>\n

There will be consequences for EMs:<\/strong> The deepening trade and financial connections between China and other developing economies mean that the fate of other EM currencies are more closely tied to the CNY than ever before. \u201cWith the CNY set to weaken further, other emerging markets will face downward pressure on their currencies,\u201d a senior analyst at Nordic lender SEB told the business newswire<\/a>. \u201cThe impact will be felt the most by nations which compete directly with China on exports.\u201d<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,178<\/p>\n<\/td>\n

\n

+1.8% (YTD: -14.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 19.17<\/p>\n<\/td>\n

\n

Sell 19.28<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 19.20<\/p>\n<\/td>\n

\n

Sell 19.26<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

11.25% deposit<\/p>\n<\/td>\n

\n

12.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,100<\/p>\n<\/td>\n

\n

-0.8% (YTD: +7.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,687<\/p>\n<\/td>\n

\n

-0.7% (YTD: +14.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,354<\/p>\n<\/td>\n

\n

-1.2% (YTD: +5.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

3,924<\/p>\n<\/td>\n

\n

-1.1% (YTD: -17.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,287<\/p>\n<\/td>\n

\n

+0.1% (YTD: -1.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,490<\/p>\n<\/td>\n

\n

-1.5% (YTD: -18.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 95.74<\/p>\n<\/td>\n

\n

+2.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 8.76<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,721.20<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 19,748<\/p>\n<\/td>\n

\n

-0.6% (YTD: -57.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 1.8% at yesterday\u2019s close<\/strong> on turnover of EGP 1.63 bn (46.4% above the 90-day average). Local investors were net buyers. The index is down 14.8% YTD.<\/p>\n

In the green: <\/strong>Telecom Egypt (+15.8%), Ezz Steel (+8.6%) and Citadel Capital (+6.9%).<\/p>\n

In the red: <\/strong>Egyptian Kuwaiti Holding-EGP (-1.4%), Abu Qir Fertilizers (-0.7%) and GB Auto (-0.5%).<\/p>\n

Asian markets are mixed so far today<\/strong>, with the Nikkei, Kospi and Hang Seng facing selling pressure while shares are up in Shanghai and Australia. Futures suggest European stocks will come under selling pressure at the opening bell (perhaps thanks to fears of how OPEC\u2019s surprise production cut could impact economies this fall). The Dow, S&P, Nasdaq and TSX Composite all look set to gain later today when markets in the US and Canada re-open following labor day weekend.<\/p>\n","protected":false},"excerpt":{"rendered":"

And Europe learned the meaning of the word A_a\u2026 OPEC+ will cut supply in October in a surprise move meant to support oil prices, which have fallen back in recent weeks on fears of a global slowdown. The Saudi Arabia and Russia-led alliance agreed to reduce output by 100k barrels a day in October in […]<\/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":[116,380,115,72,2367,119,704,78,122,2232,894],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549177","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-currencies","tag-emerging-markets","tag-enterpriseam","tag-ernst-young","tag-financial-markets","tag-instagram","tag-ipo-watch","tag-planet-finance","tag-salik","tag-social-media","wpautop","entry"],"acf":{"mongo_id":"c028bc10-1640-483e-8ebd-7e2e1920dcf6","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549157],"teaser":"","voice_url":""},"yoast_head":"\nOPEC+ unexpectedly cuts oil supply - 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\/09\/06\/opec-unexpectedly-cuts-oil-supply\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC+ unexpectedly cuts oil supply\" \/>\n<meta property=\"og:description\" content=\"And Europe learned the meaning of the word A_a\u2026 OPEC+ will cut supply in October in a surprise move meant to support oil prices, which have fallen back in recent weeks on fears of a global slowdown. 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The three-month slump in prices is the longest since the pandemic-era and breaks a months-long bull run\u2026","rel":"","context":"In "PLANET FINANCE"","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":549177,"position":1},"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 "PLANET FINANCE"","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":589476,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/04\/oil-markets-barely-blink-as-russia-saudi-announce-deeper-cuts\/","url_meta":{"origin":549177,"position":2},"title":"Oil markets barely blink as Russia, Saudi announce deeper cuts","author":"enterpriseam admin","date":"4 July 2023","format":false,"excerpt":"Brent crude rose on the news but ended the day slightly down","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/47.jpg?fit=%2C&ssl=1&resize=350%2C200","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":549177,"position":3},"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 "PLANET FINANCE"","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":585054,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/10\/theres-no-knowing-where-crude-prices-are-going\/","url_meta":{"origin":549177,"position":4},"title":"There\u2019s no knowing where crude prices are going","author":"enterpriseam admin","date":"10 April 2023","format":false,"excerpt":"Could weakening demand outweigh OPEC\u2019s supply cuts?","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/402.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563742,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/oil-prices-resume-their-advance-hit-2-5-year-high\/","url_meta":{"origin":549177,"position":5},"title":"Oil prices resume their advance, hit 2.5-year high","author":"enterpriseam admin","date":"14 July 2021","format":false,"excerpt":"US oil hit its highest price in more than two-and-a-half years yesterday as the International Energy Agency warned of an intensifying supply crunch as prospects of OPEC+ agreeing to raise supply remain low, Bloomberg says. WTI futures in New York gained 1.6% yesterday to close to USD 75.25\/bbl, the highest\u2026","rel":"","context":"In "PLANET FINANCE"","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\/549177","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=549177"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549177\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549157"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549177"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549177"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}