{"id":579346,"date":"2023-02-02T04:08:31","date_gmt":"2023-02-02T04:08:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/opec-maintains-oil-output-as-uncertainty-clouds-market-outlook\/"},"modified":"2023-02-02T04:08:31","modified_gmt":"2023-02-02T04:08:31","slug":"opec-maintains-oil-output-as-uncertainty-clouds-market-outlook","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/opec-maintains-oil-output-as-uncertainty-clouds-market-outlook\/","title":{"rendered":"OPEC+ maintains oil output as uncertainty clouds market outlook"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>OPEC+ keeps oil output steady: <\/strong>The OPEC oil cartel and its allies kept oil output unchanged in a virtual meeting yesterday, according to a <a href=\"https:\/\/www.opec.org\/opec_web\/en\/press_room\/7092.htm\">statement<\/a>, sticking to an agreed plan to cut production by 2 mn barrels per day through the end of 2023. The meeting lasted less than thirty minutes, OPEC+ sources reportedly told <a href=\"https:\/\/www.reuters.com\/business\/energy\/opec-seen-sticking-with-oil-output-policy-delegates-say-2023-02-01\/\">Reuters<\/a>, and members did not discuss potential changes in demand from China or supply from Russia \u2014 two key factors making for an uncertain outlook in the oil markets. \u201cEveryone agrees that the situation is quite stable on the market,\u201d Russian Deputy PM Alexander Novak, who represents Russia at OPEC+ meetings, was quoted as telling Russian TV by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-01\/opec-keeps-output-steady-amid-uncertainty-on-china-and-russia?srnd=premium-middle-east\">Bloomberg<\/a>. The next meeting of the OPEC+ Joint Ministerial Monitoring Committee is scheduled for 3 April.<\/p>\n<p><strong>ALSO WORTH NOTING-<\/strong><\/p>\n<ul>\n<li><strong>Adnoc Gas posts record income as it gears up for IPO: <\/strong>The LNG and gas-processing arm of the UAE\u2019s national energy company reported record adjusted EBITDA of USD 8.7 bn in the twelve months ending in October 2022. Adnoc Gas has started discussions with investors ahead of what could be one of the UAE\u2019s largest-ever IPOs. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-01\/adnoc-reveals-record-income-for-gas-business-ahead-of-ipo?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<li><strong>Indian conglomerate Adani has called off its USD 2.4 bn equity sale at the last <\/strong><strong>minute <\/strong>and will refund investors after a 27% fall in its share price saw it drop far below the transaction\u2019s price range. The embattled firm that has now seen more than USD 90 bn wiped off its value following allegations of fraud by a short seller. (<a href=\"https:\/\/www.ft.com\/content\/8bcfa5f9-32bd-40b6-b49b-55e861cab6d6\">Financial Times<\/a>)<\/li>\n<li><strong>Airbus and Qatar Airways make peace: <\/strong>The two companies have settled a months-long, USD 2 bn dispute over the safety of A350 aircraft that the jetmaker sold to the airline. (<a href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/airbus-qatar-aim-settle-a350-row-early-today-sources-2023-02-01\/\">Reuters<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>16,408<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +12.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 30.16<\/p>\n<\/td>\n<td>\n<p>Sell 30.25<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 30.15<\/p>\n<\/td>\n<td>\n<p>Sell 30.25<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>16.25% deposit<\/p>\n<\/td>\n<td>\n<p>17.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>10,784<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +2.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,844<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: -3.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,348<\/p>\n<\/td>\n<td>\n<p>+1.4% (YTD: +0.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,119<\/p>\n<\/td>\n<td>\n<p>+1.1% (YTD: +7.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,761<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +4.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>4,171<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +10.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 83.11<\/p>\n<\/td>\n<td>\n<p>-2.8%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 2.47<\/p>\n<\/td>\n<td>\n<p>-8.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,942.80<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 23,715<\/p>\n<\/td>\n<td>\n<p>+2.4% (YTD: +43.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 1.73 bn (3.2% below the 90-day average). Foreign investors were net sellers. The index is up 12.4% YTD.<\/p>\n<p><strong>In the green: <\/strong>Oriental Weavers (+5.5%), CIRA Education (+2.3%) and Juhayna (+1.4%).<\/p>\n<p><strong>In the red: <\/strong>Talaat Moustafa Holding (-4.8%), GB Auto (-4.3%) and e-Finance (-4.1%).<\/p>\n<p><strong>Asian markets are up across the board in early trading this morning<\/strong> and futures suggest major European and US benchmarks will also open in the green later on today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPEC+ keeps oil output steady: The OPEC oil cartel and its allies kept oil output unchanged in a virtual meeting yesterday, according to a statement, sticking to an agreed plan to cut production by 2 mn barrels per day through the end of 2023. The meeting lasted less than thirty minutes, OPEC+ sources reportedly told [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":579347,"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":[1703,302,72,119,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-adnoc","tag-earnings","tag-enterpriseam","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"259a801e-39b9-4f67-a85d-9dd5648ae97d","is_powered_by":true,"section_story_id":"2d4506e7-7d4d-42f5-9b75-cba7e9bd7847","story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/46.jpg","photo_position":"above","related_issue":[579316],"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>OPEC+ maintains oil output as uncertainty clouds market outlook - 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\/02\/02\/opec-maintains-oil-output-as-uncertainty-clouds-market-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC+ maintains oil output as uncertainty clouds market outlook\" \/>\n<meta property=\"og:description\" content=\"OPEC+ keeps oil output steady: The OPEC oil cartel and its allies kept oil output unchanged in a virtual meeting yesterday, according to a statement, sticking to an agreed plan to cut production by 2 mn barrels per day through the end of 2023. 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OPEC\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","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":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":579346,"position":1},"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. 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