{"id":562435,"date":"2021-05-24T03:36:19","date_gmt":"2021-05-24T03:36:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/24\/oil-is-having-a-bad-week-off-of-irans-potential-reentry-to-the-market\/"},"modified":"2021-05-24T03:36:19","modified_gmt":"2021-05-24T03:36:19","slug":"oil-is-having-a-bad-week-off-of-irans-potential-reentry-to-the-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/24\/oil-is-having-a-bad-week-off-of-irans-potential-reentry-to-the-market\/","title":{"rendered":"Oil is having a bad week off of Iran\u2019s potential reentry to the market"},"content":{"rendered":"

<\/a> Oil posts worst weekly losses on Iran nuclear agreement progress:<\/strong> Oil prices suffered their biggest weekly losses in over a month, with the prospect of a supply glut following the lifting of US sanctions and the return of Iranian crude supplies weighing on prices, Bloomberg<\/a> reports. Rising inflation concerns and the continued impact of covid-19 on demand have been compounded by the prospect of Iran almost doubling its 2.4 mn bbl \/ d output in April to its pre-sanctions level of 4 mn barrels a day within three months, if US sanctions are lifted. The market is more prepared to absorb the additional supply in 4Q2021 but an earlier increase in supply \u201ccould hurt third-quarter balances,\u201d said a Deutsche Bank analyst. Iran is expected to extend its nuclear inspections agreement<\/a> with the International Atomic Energy Agency ahead of a fifth round of multilateral talks in Vienna that the country hopes will lead to the US rejoining the 2015 nuclear accord and the removal of Trump-era sanctions.<\/p>\n

US claims victory over China in Ethiopia's USD multi-bn telecom project: <\/strong>A US-backed consortium led by Vodafone was awarded contracts to build a 5G-equipped wireless network in Ethiopia, beating out MTN Group\u2019s rival bid, which was partially financed by China\u2019s Silk Road Fund, the Wall Street Journal<\/a> reports. \u201cThe US and China are fighting a proxy war in Ethiopia for influence,\u201d said Zemedeneh Negatu, the chairman of Africa-focused US investment firm Fairfax Africa Fund. The competition over the contract was particularly significant as the US and China increasingly vie over future tech pursuits covering everything from 5G rollout to chip manufacturing.<\/p>\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

10,812<\/p>\n<\/td>\n

\n

+0.8% (YTD: -0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.62<\/p>\n<\/td>\n

\n

Sell 15.71<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.62<\/p>\n<\/td>\n

\n

Sell 15.72<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

10,343<\/p>\n<\/td>\n

\n

- (YTD: +19.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,546<\/p>\n<\/td>\n

\n

+0.4% (YTD: +29.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,786<\/p>\n<\/td>\n

\n

+1.3% (YTD: +11.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,155<\/p>\n<\/td>\n

\n

-0.1% (YTD: +10.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,018<\/p>\n<\/td>\n

\n

- (YTD: +8.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 66.72<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.86<\/p>\n<\/td>\n

\n

-1.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,887.40<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 35,068.43<\/p>\n<\/td>\n

\n

-7.9%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 rose 0.75% yesterday<\/strong> on turnover of EGP 1.29 bn (2.2% above the 90-day average). Foreign investors were net sellers. The index is down 0.35% YTD.<\/p>\n

In the green:<\/strong> ElSewedy Electric (+4.8%), Heliopolis Housing (+3.3%) and Sodic (+1.9%).<\/p>\n

In the red: <\/strong>Edita (-3.7%), Oriental Weavers (-1.9%) and Abu Qir Fertilizers (-1.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil posts worst weekly losses on Iran nuclear agreement progress: Oil prices suffered their biggest weekly losses in over a month, with the prospect of a supply glut following the lifting of US sanctions and the return of Iranian crude supplies weighing on prices, Bloomberg reports. Rising inflation concerns and the continued impact of covid-19 […]<\/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":[116,72,382,119,716,91,122,465],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562435","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-enterpriseam","tag-ethiopia","tag-financial-markets","tag-iran","tag-oil-and-gas","tag-planet-finance","tag-vodafone-group","wpautop","entry"],"acf":{"mongo_id":"26f86e34-e108-4cc2-a2d4-dd85068d35ab","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[562415],"teaser":"","voice_url":""},"yoast_head":"\nOil is having a bad week off of Iran\u2019s potential reentry to the market - 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\/2021\/05\/24\/oil-is-having-a-bad-week-off-of-irans-potential-reentry-to-the-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil is having a bad week off of Iran\u2019s potential reentry to the market\" \/>\n<meta property=\"og:description\" content=\"Oil posts worst weekly losses on Iran nuclear agreement progress: Oil prices suffered their biggest weekly losses in over a month, with the prospect of a supply glut following the lifting of US sanctions and the return of Iranian crude supplies weighing on prices, Bloomberg reports. 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The sanctions bar 12 entities and 13 individuals from accessing the US financial market and is\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"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":562435,"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":544493,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/rising-wheat-and-oil-prices-will-hit-budget-in-egypt-ministers-say\/","url_meta":{"origin":562435,"position":2},"title":"Rising wheat and oil prices will hit budget in Egypt, ministers say","author":"enterpriseam admin","date":"7 March 2022","format":false,"excerpt":"Rising global wheat prices could cost the government an additional EGP 15 bn this fiscal year, Finance Minister Mohamed Maait told Bloomberg Asharq (watch, runtime: 1:35). The ministry assumed an average price of USD 255 per ton in this year\u2019s budget but the state is now paying USD 350, Supply\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/75.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628038,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/opec-and-allies-agree-to-pump-additional-c-1-mn-bpd-of-oil-as-of-july\/","url_meta":{"origin":562435,"position":3},"title":"OPEC and allies agree to pump additional c. 1 mn bpd of oil as of July","author":"enterpriseam admin","date":"24 June 2018","format":false,"excerpt":"Egypt\u2019s bid to tame its subsidy spending got a shot in the arm over the weekend after OPEC and other oil producers agreed to increase output starting next month, although the meeting in Vienna stopped short of outlining clear targets, Reuters reports. OPEC and other major producers said in a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/6\/1596.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":681295,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/01\/15\/oil-is-trading-on-risk-again\/","url_meta":{"origin":562435,"position":4},"title":"Oil is trading on risk again","author":"enterpriseam admin","date":"15 January 2026","format":false,"excerpt":"Escalating unrest in Iran is pulling geopolitical risk premium back into crude","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\/2026\/1\/493.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":681336,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/01\/15\/oil-is-trading-on-risk-again-2\/","url_meta":{"origin":562435,"position":5},"title":"Oil is trading on risk again","author":"enterpriseam admin","date":"15 January 2026","format":false,"excerpt":"Escalating unrest in Iran is pulling geopolitical risk premium back into crude","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\/2026\/1\/493.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562435","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=562435"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562435\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562415"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562435"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562435"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}