{"id":563519,"date":"2021-07-06T04:00:31","date_gmt":"2021-07-06T04:00:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/06\/oil-at-3-year-high-as-opec-talks-collapse\/"},"modified":"2021-07-06T04:00:31","modified_gmt":"2021-07-06T04:00:31","slug":"oil-at-3-year-high-as-opec-talks-collapse","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/06\/oil-at-3-year-high-as-opec-talks-collapse\/","title":{"rendered":"Oil at 3-year high as OPEC+ talks collapse"},"content":{"rendered":"

<\/a> Oil surges to new three-year high after UAE-KSA deadlock tanks oil supply agreement:<\/strong> Brent crude surpassed USD 77 per barrel for the first time since September 2018 yesterday after the OPEC+ alliance of oil producers were unable to come to an agreement on raising supply, Bloomberg<\/a> reports.<\/p>\n

Close: <\/strong>Most producers signed onto a plan last Friday that would have raised oil production by 400k barrels a day each month between August and December, while extending the final expiry of the output cuts to the end of 2022 instead of April.<\/p>\n

But no cigar:<\/strong> The UAE has been the fly in the ointment, being the only country to reject the proposal and argue that its production quotas were unfair. Yesterday Abu Dhabi had reportedly agreed to its new production limits provided the cuts expired in April, but Saudi Arabia said it must accept both parts of the proposal.<\/p>\n

Expect a pop:<\/strong> Failure to agree on new production quotas is likely to tighten supply further and put further upward pressure on prices. The cost of oil has continued to climb in recent weeks as a surge in demand outweighs current supply, which is still being curtailed by production cuts introduced last year following the market crash. This will lead the oil prices to \u201cpop,\u201d one energy analyst said<\/a>. \u201cThat\u2019s also not tenable because a price spike actually undermines the interests of the UAE, Russia and Saudi Arabia,\u201d he added<\/p>\n

Or another price war:<\/strong> Rather than Riyadh vs. Moscow, this time around the fears are that a breakdown in relations between the Saudis and the UAE could trigger a new price war<\/a>, with producers jettisoning the OPEC+ alliance, cranking up production and causing prices to crash.<\/p>\n

The KSA-UAE clash is going beyond oil policy:<\/strong> Tensions between the long-time allies are also being fuelled<\/a> by a new import ban announced by the Saudis and a decision to prevent its citizens travelling to the UAE due to covid.<\/p>\n

Until we meet again (whenever that is):<\/strong> Production restrictions will remain in place until OPEC+ members convene again. Unusually, the group hasn\u2019t set a date for its next meeting, with OPEC saying<\/a> that it will be decided \u201cin due course.\u201d<\/p>\n

What does all this mean for Egypt?<\/strong> Events over the coming days will be being watched closely by the government\u2019s fuel pricing committee, which this week is discussing<\/a> whether to raise or leave on hold domestic fuel prices during the coming quarter. The committee should come up with a decision by 10 July, but could be extended further into the month.<\/p>\n

The story is getting buckets of digital ink in the global business press this morning:<\/strong> FT<\/a> | Reuters<\/a> | CNBC<\/a> | Wall Street Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil surges to new three-year high after UAE-KSA deadlock tanks oil supply agreement: Brent crude surpassed USD 77 per barrel for the first time since September 2018 yesterday after the OPEC+ alliance of oil producers were unable to come to an agreement on raising supply, Bloomberg reports. Close: Most producers signed onto a plan last […]<\/p>\n","protected":false},"author":1,"featured_media":563520,"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":[7207],"tags":[93,72,91,128,219,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-opec","tag-saudi-arabia","tag-uae","wpautop","entry"],"acf":{"mongo_id":"9c61744e-0421-4786-9794-4f8c9b67bed4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/49.jpg","photo_position":"above","related_issue":[563510],"teaser":"","voice_url":""},"yoast_head":"\nOil at 3-year high as OPEC+ talks collapse - 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\/07\/06\/oil-at-3-year-high-as-opec-talks-collapse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil at 3-year high as OPEC+ talks collapse\" \/>\n<meta property=\"og:description\" content=\"Oil surges to new three-year high after UAE-KSA deadlock tanks oil supply agreement: Brent crude surpassed USD 77 per barrel for the first time since September 2018 yesterday after the OPEC+ alliance of oil producers were unable to come to an agreement on raising supply, Bloomberg reports. 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OPEC\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/2\/1966.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":563519,"position":1},"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":651873,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/22\/egypt-may-join-opecs-oil-production-cap-agreement-opec\/","url_meta":{"origin":563519,"position":2},"title":"Egypt may join OPEC\u2019s oil production cap agreement \u2013OPEC","author":"enterpriseam admin","date":"22 February 2017","format":false,"excerpt":"Egypt may join OPEC\u2019s oil production cap agreement, OPEC Secretary-General Mohamed Barkindo said at a press conference on Tuesday. \u201cWe still expect more other producers will join [the agreement] in the possible time\u2026Yes, we would like to see Egypt to be part [of the agreement],\u201d Barkindo said, according to TASS.\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621543,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/12\/what-were-tracking-on-12-november-2018-dana-rohrabacher-oil-production-cuts-active-fund-managers-and-saudi-miscellany\/","url_meta":{"origin":563519,"position":3},"title":"What we\u2019re tracking on 12 November 2018: Dana Rohrabacher, oil production cuts, active fund managers and Saudi miscellany","author":"enterpriseam admin","date":"12 November 2018","format":false,"excerpt":"One of Egypt\u2019s best friends in Congress has lost his re-election bid. Rep. Dana Rohrabacher, the long-serving Republican from California, has narrowly lost his bid to stay in office. Rohrabacher penned a late 2016 letter declaring that President Abdel Fattah El Sisi a friend of the United States and a\u2026","rel":"","context":"In "What We're Tracking Today"","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\/2018\/11\/780.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":641132,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/13\/opec-could-prolong-oil-cuts-to-boost-prices\/","url_meta":{"origin":563519,"position":4},"title":"OPEC could prolong oil cuts to boost prices","author":"enterpriseam admin","date":"13 September 2017","format":false,"excerpt":"OPEC could be prolonging oil production cuts that are set to expire in March 2018 \u201cwell into the second half of next year in effort to boost prices,\u201dsources tell Bloomberg. \u201cAn extension of that duration would be needed under the worst-case scenario for the oil market that OPEC ministers are\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":637797,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/26\/gas-exporting-nations-call-for-fair-price-on-natural-gas-opec-and-russia-close-to-extending-output-cuts\/","url_meta":{"origin":563519,"position":5},"title":"Gas exporting nations call for \u201cfair price\u201d on natural gas, OPEC and Russia close to extending output cuts","author":"enterpriseam admin","date":"26 November 2017","format":false,"excerpt":"Gas exporting countries called for a fair price for natural gas at a summit on Friday, according to the AFP. The Gas Exporting Countries Forum, at which Egypt is a participant, is angling to effectively decouple natural gas from oil prices, pointing to gas\u2019 \u201cenvironmental benefits and energy efficiency.\u201dMeanwhile, Russia\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563519","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=563519"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563519\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563510"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/563520"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563519"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563519"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}