{"id":562685,"date":"2021-06-02T04:00:51","date_gmt":"2021-06-02T04:00:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/opec-agree-to-raise-supply-in-july\/"},"modified":"2021-06-02T04:00:51","modified_gmt":"2021-06-02T04:00:51","slug":"opec-agree-to-raise-supply-in-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/opec-agree-to-raise-supply-in-july\/","title":{"rendered":"OPEC+ agree to raise supply in July"},"content":{"rendered":"

<\/a> OPEC+ oil producers have agreed to continue relaxing curbs on oil production in <\/strong>July<\/strong> as a global economic recovery boosts demand for crude in the US, China and Europe, the ministers of the group announced following a virtual meeting yesterday, Bloomberg<\/a> reports. The loose alliance of producers is now expected to add another 841k bbl\/d to the market next month.<\/p>\n

Bullish demand forecast sees oil hit two-year high:<\/strong> Oil prices breached USD 70\/bbl for the first time since 2019 on the OPEC\u2019s bullish forecast for rest of the year, as well as a drop in global supply glut that was stockpiled during the pandemic, according to the Wall Street Journal<\/a>. OPEC now sees demand rebounding strongly in 2H2021 and nearly reach pre-crisis levels before the year is out.<\/p>\n

Concerns over inflation and an overheating market are starting to grow:<\/strong> After a year of battling against collapsing prices and plummeting demand, oil producers are now facing the opposite problem: the risk of a surge in demand causing a deficit in the market, causing prices to surge. Under the agreement negotiated last year to end the Saudi-Russia oil price war, producers are due to maintain production levels until April 2022, but pressure to increase supply will grow if demand continues its current trajectory.<\/p>\n

Lebanon is headed off the cliff:<\/strong> That\u2019s the only conclusion to take from this World<\/a>Bank report<\/a>, which warns that the economic crisis facing the country may be one of the three most serious faced by any country since the mid-19th century. \u201cIn the face of colossal challenges, continuous policy inaction and the absence of a fully functioning executive authority threaten already dire socio-economic conditions and a fragile social peace with no clear turning point in the horizon,\u201d the bank writes.<\/p>\n

The European Central Bank\u2019s resolve to maintain ultra-easy monetary policy will <\/strong>be put to the test when it meets next week<\/strong>, as inflation begins to pick up, the Financial Times<\/a> reports. Inflation in the eurozone surpassed the bank\u2019s 2% target for the first time in more than two years last month, raising pressure on policymakers to begin winding down stimulus. But ECB president Christine Lagarde expects heightened inflation will be short-lived, and maintains the bank\u2019s highly accommodative policy will be appropriate until at least next year, when inflation is expected to cool.<\/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

10,240<\/p>\n<\/td>\n

\n

-0.7% (YTD: -5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.63<\/p>\n<\/td>\n

\n

Sell 15.73<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.63<\/p>\n<\/td>\n

\n

Sell 15.73<\/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

10,597<\/p>\n<\/td>\n

\n

+0.4% (YTD: +22.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,613<\/p>\n<\/td>\n

\n

+0.8% (YTD: +31.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,837<\/p>\n<\/td>\n

\n

+1.4% (YTD: +13.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,202<\/p>\n<\/td>\n

\n

-0.1% (YTD: +11.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,080<\/p>\n<\/td>\n

\n

+0.8% (YTD: +9.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 70.63<\/p>\n<\/td>\n

\n

+1.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 3.10<\/p>\n<\/td>\n

\n

+4.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,905.00<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 36,131<\/p>\n<\/td>\n

\n

-1.5% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.7% at today\u2019s close<\/strong> on turnover of EGP 1.53 bn (14.9% below the 90-day average). Foreign investors were net sellers. The index is down 5.6% YTD.<\/p>\n

In the green: <\/strong>Orascom Financial Holding (+5.2%), Export Development Bank (+3.6%) and EFG Hermes (+0.9%).<\/p>\n

In the red: <\/strong>Ibnsina Pharma (-6.3%), GB Auto (-2.9%) and Pioneers Holding (-2.6%).<\/p>\n

Asian markets are mixed in early trading this morning<\/strong>, with Chinese equities falling and other Asian shares in the green. Futures suggest that European and US markets will rise at the opening bell opening later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

OPEC+ oil producers have agreed to continue relaxing curbs on oil production in July as a global economic recovery boosts demand for crude in the US, China and Europe, the ministers of the group announced following a virtual meeting yesterday, Bloomberg reports. The loose alliance of producers is now expected to add another 841k bbl\/d […]<\/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":[93,72,7192,297,725,119,182,108,128,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562685","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-energy","tag-enterpriseam","tag-eu","tag-europe","tag-european-central-bank","tag-financial-markets","tag-inflation","tag-lebanon","tag-opec","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"46a0d8e4-edad-45e6-897f-bc98628350d5","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[562667],"teaser":"","voice_url":""},"yoast_head":"\nOPEC+ agree to raise supply in July - 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\/06\/02\/opec-agree-to-raise-supply-in-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC+ agree to raise supply in July\" \/>\n<meta property=\"og:description\" content=\"OPEC+ oil producers have agreed to continue relaxing curbs on oil production in July as a global economic recovery boosts demand for crude in the US, China and Europe, the ministers of the group announced following a virtual meeting yesterday, Bloomberg reports. 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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":[]},{"id":558217,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/us-crude-continues-to-climb-while-opec-oil-production-hits-15-month-peak\/","url_meta":{"origin":562685,"position":1},"title":"US crude continues to climb while OPEC+ oil production hits 15 month peak","author":"enterpriseam admin","date":"1 August 2021","format":false,"excerpt":"The price of US crude rose for the fourth month in a row in July as demand continued to rise while supply remained tight, according to Bloomberg. WTI futures closed out the week up 2.6%, reaching USD 73.95 per barrel. Notably, demand has remained strong despite worries over the spread\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":549078,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/opec-cuts-oil-supply-forecast-for-this-year-and-the-next\/","url_meta":{"origin":562685,"position":2},"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 "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":563819,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/opec-finally-reaches-an-agreement-to-raise-oil-supply\/","url_meta":{"origin":562685,"position":3},"title":"OPEC+ finally reaches an agreement to raise oil supply","author":"enterpriseam admin","date":"25 July 2021","format":false,"excerpt":"OPEC+ finally reached an agreement last Sunday to gradually increase production until the end of 2022, according to the Financial Times. 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 "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":553993,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/15\/more-doom-and-gloom-for-ems-going-into-the-new-year\/","url_meta":{"origin":562685,"position":4},"title":"More doom and gloom for EMs going into the new year","author":"enterpriseam admin","date":"15 December 2021","format":false,"excerpt":"The case for investing in emerging market currencies into the new year is darkening, despite expectations for a surge in interest rate hikes in the coming months, Bloombergreports. MSCI\u2019s emerging currency index remains 1.6% below its June peak and traders are pessimistic about a recovery even as central banks in\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":562685,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562685","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=562685"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562685\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562667"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562685"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562685"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}