{"id":578518,"date":"2023-01-03T03:41:32","date_gmt":"2023-01-03T03:41:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/"},"modified":"2023-01-03T03:41:32","modified_gmt":"2023-01-03T03:41:32","slug":"egypt-set-to-hedge-against-rising-oil-prices","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/","title":{"rendered":"Egypt set to hedge against rising oil prices"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> The Madbouly government agreed in December to purchase hedging contracts to guard against volatility in the oil markets, <a href=\"https:\/\/bit.ly\/3WAsdhY\">Bloomberg Asharq<\/a> reported yesterday, citing two government sources. \u201cThe oil and finance ministries are waiting for the appropriate timing to contract and implement hedging contracts,\u201d one of the sources told the news outlet.<\/p>\n<p><strong>The move comes after oil prices saw extreme volatility in 2022 <\/strong>on the back of a supply squeeze thanks to the war in Ukraine, dwindling demand from the world\u2019s largest crude importer China, and fears of global recession. Brent climbed to its highest level since 2008 in the wake of the war\u2019s outbreak but has since fallen back to around USD 86 per barrel. (Read more on what swings in the markets meant for Egypt in 2022 in our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0924942-d112-4dc1-9d44-4618c4dd9026\">year in review<\/a> on the energy sector.)<\/p>\n<p><strong>Why this matters:<\/strong> As a net oil importer, higher crude prices are putting pressure on public finances.<\/p>\n<ul>\n<li><strong>The state is spending more on imports than it anticipated:<\/strong> The price of Brent spent most of the first half of FY 2022-2023 above the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">USD 80 per barrel be<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">nchmark<\/a> used for the state budget.<\/li>\n<li><strong>The subsidy bill is rising:<\/strong> The government spent EGP 31 bn on fuel subsidies during 1Q FY 2022-2023, more than 4x its spend during the same period in FY 2021-2022, a source at the Egyptian General Petroleum Corporation (EGPC) told <a href=\"https:\/\/bit.ly\/3Z6X2fK\">Bloomberg Asharq<\/a> in November. The fuel subsidy bill for FY 2021-2022 was up to EGP 59.6 bn, more than triple the EGP 18.4 bn estimated in the budget.<\/li>\n<\/ul>\n<p><strong>This isn\u2019t a one-off<\/strong>: Hedging against oil price risks has become a common practice by the government in recent years. It <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba4fcfcf-f2b6-47fc-b460-9cd8760fcb59\">took out hedging contracts<\/a> with international banks in FY 2019-2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Madbouly government agreed in December to purchase hedging contracts to guard against volatility in the oil markets, Bloomberg Asharq reported yesterday, citing two government sources. \u201cThe oil and finance ministries are waiting for the appropriate timing to contract and implement hedging contracts,\u201d one of the sources told the news outlet. The move comes after [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":578519,"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":[317,93,72,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-commodities","tag-energy","tag-enterpriseam","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"9277ac91-54d6-4311-a5ad-06ce7685b6e9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/36.jpg","photo_position":"above","related_issue":[578511],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt set to hedge against rising oil prices - 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\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt set to hedge against rising oil prices\" \/>\n<meta property=\"og:description\" content=\"The Madbouly government agreed in December to purchase hedging contracts to guard against volatility in the oil markets, Bloomberg Asharq reported yesterday, citing two government sources. \u201cThe oil and finance ministries are waiting for the appropriate timing to contract and implement hedging contracts,\u201d one of the sources told the news outlet. The move comes after [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-03T03:41:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/36.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt set to hedge against rising oil prices\",\"datePublished\":\"2023-01-03T03:41:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/\"},\"wordCount\":292,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/36.jpg?fit=%2C&ssl=1\",\"keywords\":[\"commodities\",\"energy\",\"EnterpriseAM\",\"oil and gas\"],\"articleSection\":[\"Energy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/\",\"name\":\"Egypt set to hedge against rising oil prices - 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The government hedged \u201cseveral times\u201d this year and \u201cwill hedge again during the year\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/202.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567892,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/finmin-is-hedging-like-it-never-hedged-before\/","url_meta":{"origin":578518,"position":1},"title":"FinMin is hedging like it never hedged before","author":"enterpriseam admin","date":"10 December 2020","format":false,"excerpt":"Egypt has nearly doubled its oil hedging contracts so far this fiscal year, as the government looks to lock in the benefits of low oil prices, Finance Minister Mohamed Maait told Bloomberg. \u201cWe did a huge number of hedging contracts,\u201d Maait said without disclosing the value of the contracts. The\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/196.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597140,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-eyes-setting-crude-price-in-hedging-contract-at-usd-64-68\/","url_meta":{"origin":578518,"position":2},"title":"Egypt eyes setting crude price in hedging contract at USD 64-68","author":"enterpriseam admin","date":"17 July 2019","format":false,"excerpt":"Egypt eyes pricing crude at USD 64-68 in new hedging contract: Crude oil prices will be set at USD 64-68 per bbl in the government\u2019s fuel hedging contracts with international banks, which are due to be renewed soon for the new fiscal year, an unnamed government source estimated, according to\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/172.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596528,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/egypt-plans-fuel-hedging-for-fy2019-2020-confirms-hedging-took-place-in-fy2018-19\/","url_meta":{"origin":578518,"position":3},"title":"Egypt plans fuel hedging for FY2019-2020, confirms hedging took place in FY2018-19","author":"enterpriseam admin","date":"1 July 2019","format":false,"excerpt":"Government plans fuel hedging for FY2019-2020, confirms hedging took place in FY2018-2019: Egypt is planning to hedge against rising oil prices for the second year in a row, Finance Minister Mohamed Maait said in an interview last week, Bloomberg reports. This comes two weeks after a government source told the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/661.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595781,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/06\/government-seeking-to-increase-oil-hedging-contracts-this-fiscal-year\/","url_meta":{"origin":578518,"position":4},"title":"Government seeking to increase oil hedging contracts this fiscal year","author":"enterpriseam admin","date":"6 August 2019","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t mulls signing fuel hedging contracts with more banks this fiscal year: The government is planning to at least double the number of oil hedging contracts it will sign for FY2019-2020 and is currently reviewing bids from several banks, two government officials told Enterprise. The government will sign up\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":599001,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/16\/egypt-looking-at-usd-65-70-bbl-in-fuel-hedge-set-to-take-effect-in-july\/","url_meta":{"origin":578518,"position":5},"title":"Egypt looking at USD 65-70\/bbl in fuel hedge set to take effect in July","author":"enterpriseam admin","date":"16 June 2019","format":false,"excerpt":"Gov\u2019t looking at USD 65-70\/bbl in fuel hedge contracts set to take effect in July: The finance and oil ministries have started renegotiating the USD 70\/bbl price they had agreed on under fuel hedging contracts set to take effect next month, a government source told the local press. The government\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/104.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\/578518","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=578518"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578518\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578519"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578518"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578518"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}