{"id":549925,"date":"2022-10-05T04:05:16","date_gmt":"2022-10-05T04:05:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy\/"},"modified":"2022-10-05T04:05:16","modified_gmt":"2022-10-05T04:05:16","slug":"is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy\/","title":{"rendered":"Is China positioning itself to snap up oil reserves when it lifts its covid-zero policy?"},"content":{"rendered":"

<\/a> Could snap up remaining global oil reserves?<\/strong> The CEO of Saudi Aramco has warned that China will likely snap up spare oil capacity when it lifts its covid-zero strategy, Bloomberg<\/a> reports. Crude oil prices dropped below USD 90 a barrel partly due to China\u2019s strict covid restrictions suppressing demand. Analysts say there\u2019s only about 2 mn barrels a day of capacity that could be brought online quickly in the event of a supply shutdown. The warning reiterates Aramco and Saudi Arabian officials' call for more investment in exploration projects off the back of this year\u2019s spike in oil and natural gas prices.<\/p>\n

The speculation comes as the G7 group of industrialized nations is imposing caps on Russian oil imports rather than a complete ban<\/strong> in a bid to curb economic damage while limiting the Kremlin\u2019s financial ability to fund its invasion of Ukraine, Reuters<\/a> reports.<\/p>\n

Is the price cap good news for emerging markets?<\/strong> The US Treasury says the price cap is expected to save emerging markets around USD 160 bn annually on oil imports, the Financial Times<\/a> reports, citing a yet to be released study by the US Treasury Department. The price cap would stabilize global energy prices and help ease the impact being felt by emerging markets, according to a Treasury official.<\/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

9,924<\/p>\n<\/td>\n

\n

+2.5% (YTD: -17.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.60<\/p>\n<\/td>\n

\n

Sell 19.71<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.63<\/p>\n<\/td>\n

\n

Sell 19.69<\/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

11,780<\/p>\n<\/td>\n

\n

+1.5% (YTD: +4.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,909<\/p>\n<\/td>\n

\n

+1.5% (YTD: +16.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,379<\/p>\n<\/td>\n

\n

+1.8% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,791<\/p>\n<\/td>\n

\n

+3.1% (YTD: -20.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,086<\/p>\n<\/td>\n

\n

+2.6% (YTD: -4.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,484<\/p>\n<\/td>\n

\n

+4.3% (YTD: -18.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 91.87<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 6.80<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,733.60<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 20,202<\/p>\n<\/td>\n

\n

+2.8% (YTD: -56.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 2.6% at yesterday\u2019s close<\/strong> on turnover of EGP 1.1 bn (12.8% above the 90-day average). Foreign investors were net sellers. The index is down 17.0% YTD.<\/p>\n

In the green: <\/strong>Mopco (+5.4%), Fawry (+4.9%) and Heliopolis Housing (+3.9%).<\/p>\n

In the red: <\/strong>Ibnsina Pharma (-0.9%), and CIRA (-0.7%).<\/p>\n

Asian markets are largely up in early trading this morning<\/strong> and futures suggest European indices will open in the green across the board as equities ride a burst of October optimism. Things look less rosy across the pond, with the three major Wall Street indices set to open in the red later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 say there\u2019s only about 2 […]<\/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":[116,72,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549925","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-enterpriseam","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"2896a1e7-de09-4a01-b5ec-3ae6aa2753d2","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549905],"teaser":"","voice_url":""},"yoast_head":"\nIs China positioning itself to snap up oil reserves when it lifts its covid-zero policy? - 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\/10\/05\/is-china-positioning-itself-to-snap-up-oil-reserves-when-it-lifts-its-covid-zero-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is China positioning itself to snap up oil reserves when it lifts its covid-zero policy?\" \/>\n<meta property=\"og:description\" content=\"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. 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The US\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\/2020\/9\/goldman-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581089,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/06\/sanctions-underinvestment-could-spell-trouble-for-global-energy-markets-warn-saudi-and-goldman\/","url_meta":{"origin":549925,"position":1},"title":"Sanctions, underinvestment could spell trouble for global energy markets, warn Saudi and Goldman","author":"enterpriseam admin","date":"6 February 2023","format":false,"excerpt":"Saudi Arabia warns of energy shortages following EU\u2019s oil sanctions against Russia.","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\/oilfield-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546428,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/aramco-reports-record-quarter-profits-on-higher-oil-prices\/","url_meta":{"origin":549925,"position":2},"title":"Aramco reports record quarter profits on higher oil prices","author":"enterpriseam admin","date":"16 May 2022","format":false,"excerpt":"Saudi Aramco reported record net income in 1Q 2022, on the back of surging oil prices and rising demand, the company announced in its latest earnings release (pdf). The oil giant\u2019s bottom line rose 82% during the quarter to a record USD 39.5 bn, which it attributed to higher crude\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":558357,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/05\/aramco-hikes-prices-in-asia-and-the-us-nvidias-arm-purchase-hits-hiccup\/","url_meta":{"origin":549925,"position":3},"title":"Aramco hikes prices in Asia and the US + Nvidia\u2019s Arm purchase hits hiccup","author":"enterpriseam admin","date":"5 August 2021","format":false,"excerpt":"Saudi Aramco raised September oil prices for buyers in Asia and the US, in a show of confidence for a continued recovery in demand despite a surge in coronavirus cases in key oil importers, Bloomberg reports. The national oil company raised the price of its oil grades for Asia \u2014\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":544795,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/aramco-profits-double-in-2021-announces-plans-to-raise-oil-gas-production\/","url_meta":{"origin":549925,"position":4},"title":"Aramco profits double in 2021, announces plans to raise oil + gas production","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"Saudi Aramco plans to hike spending this year as it looks to ramp up oil and gas production in the coming years, the oil giant said in its latest earnings release yesterday. Rising oil prices last year helped Aramco stage a dramatic turnaround from 2020, with the company reporting yesterday\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":576923,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/02\/opec-wants-tns-of-usd-in-fresh-oil-investment-as-aramco-bp-report-huge-profits\/","url_meta":{"origin":549925,"position":5},"title":"OPEC wants tns of USD in fresh oil investment as Aramco, BP report huge profits","author":"enterpriseam admin","date":"2 November 2022","format":false,"excerpt":"OPEC wants more than USD 12 tn in oil investment: OPEC has called for USD 12.1 tn to be invested in the global oil sector over the next 23 years \u2060\u2014 equal to around USD 500 bn every year \u2060\u2014 to meet demand. \u201cChronic underinvestment into the global oil industry\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\/549925","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=549925"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549925\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549905"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549925"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549925"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}