{"id":584699,"date":"2023-04-04T00:00:00","date_gmt":"2023-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/oil-soars-on-opecs-shock-production-cuts\/"},"modified":"2023-04-04T00:00:00","modified_gmt":"2023-04-04T00:00:00","slug":"oil-soars-on-opecs-shock-production-cuts","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/oil-soars-on-opecs-shock-production-cuts\/","title":{"rendered":"Oil soars on OPEC\u2019s shock production cuts"},"content":{"rendered":"

<\/span>Oil spikes after OPEC\u2019s shock production cuts: <\/span>Brent crude prices jumped <\/span>6.4% to almost USD 85 per barrel yesterday \u2014 its largest single-day gain in a year \u2014 on the <\/span>back of <\/span>Sunday\u2019s surprise decision<\/a><\/span> by the OPEC+ oil cartel to further restrict supply. <\/span><\/p>\n

Back to the days of USD 100+ per barrel? <\/span>Brent could soar as high as USD 110 per barrel by the summer on the cartel\u2019s move to slash output more than 1 mn barrels per day (bpd), <\/span>Reuters<\/a><\/span> reports, citing Rystad Energy forecasts. The last time oil prices hit similar highs was in the aftermath of the outbreak of war in Ukraine, which drove a wedge between Western nations and Moscow that set in motion an ongoing realignment of the world\u2019s energy map. <\/span><\/p>\n

The West is not impressed: <\/span>OPEC\u2019s move is likely to fuel tensions between cartel leader Saudi Arabia and the US, which has repeatedly pleaded with oil-rich nations to ease supply as its central bank battles high inflation. The Paris-based International Energy Agency <\/span>said<\/a><\/span> the production cuts \u201crisk exacerbating\u201d strains on the market, \u201cpushing up oil prices at a time when strong inflationary pressures are hurting vulnerable consumers around the world.\"<\/span><\/p>\n

OPEC\u2019s move sent ripples through the financial markets:<\/span> The picture was mixed for global stock markets on Monday as traders digested the news. Energy companies were the unsurprising benefactors, while growth stocks took a hit as investors worried that higher inflation could spur the US Federal Reserve to continue with rate hikes. The S&P 500 gained 0.4% and the Dow Jones Industrial Average was up 1%, while the Nasdaq fell 0.3%.<\/span><\/p>\n

The fallout is everywhere in the international business press: <\/span>Bloomberg<\/a><\/span> | <\/span>Wall Street Journal<\/a><\/span> | <\/span>Financial Times<\/a><\/span> | <\/span>AP<\/a><\/span> | <\/span>Washington Post<\/a><\/span>. <\/span><\/p>\n

<\/a><\/a><\/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 <\/span><\/p>\n<\/td>\n

\n

17,057<\/span><\/p>\n<\/td>\n

\n

+2.2% (YTD: +16.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.84<\/span><\/p>\n<\/td>\n

\n

Sell 30.96<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.85<\/span><\/p>\n<\/td>\n

\n

Sell 30.95<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

18.25% deposit<\/span><\/p>\n<\/td>\n

\n

19.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

10,807<\/span><\/p>\n<\/td>\n

\n

+1.6% (YTD: +3.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,501<\/span><\/p>\n<\/td>\n

\n

+0.6% (YTD: -7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,437<\/span><\/p>\n<\/td>\n

\n

+0.9% (YTD: +3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,125<\/span><\/p>\n<\/td>\n

\n

+0.4% (YTD: +7.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,673<\/span><\/p>\n<\/td>\n

\n

+0.5% (YTD: +3%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

Euro Stoxx 50<\/span><\/p>\n<\/td>\n

\n

4,311<\/span><\/p>\n<\/td>\n

\n

-0.1% (YTD: +13.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 84.93<\/span><\/p>\n<\/td>\n

\n

+6.3%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.12<\/span><\/p>\n<\/td>\n

\n

-0.1%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,002<\/span><\/p>\n<\/td>\n

\n

+14.2%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 27,569<\/span><\/p>\n<\/td>\n

\n

-1.8% (YTD: +66.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

The EGX30 rose 2.2% at yesterday\u2019s close<\/span> on turnover of EGP 2.4 bn, (<\/span>21% above the trailing 90-day average)<\/span>. Foreign investors were <\/span>net buyers. The index is up 16<\/span>.8% YTD.<\/span><\/p>\n

In the green: <\/span>GB Auto (+9.4%), Qalaa Holdings (+8.8%) and Abu Qir Fertilizers (+6.8%).<\/span><\/p>\n

In the red: <\/span>Taleem (-3.0%), CIRA Education (-1.5%) and Juhayna (-0.4%).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Tighter energy markets could spur yet more inflation<\/p>\n","protected":false},"author":1,"featured_media":584700,"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":[72,119,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"a765a17d-7fd5-4cd5-ab3f-996c17029260","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/156.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Brent crude oil sees biggest one-day gain in a year on OPEC shock production cuts","related_issue":[584674],"teaser":"Tighter energy markets could spur yet more inflation","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.9465fd86-4b17-4ea1-a6a0-11682aa6580f.mp3"},"yoast_head":"\nOil soars on OPEC\u2019s shock production cuts - 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The Saudi Arabia and Russia-led alliance agreed to reduce output by 100k barrels\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":589476,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/04\/oil-markets-barely-blink-as-russia-saudi-announce-deeper-cuts\/","url_meta":{"origin":584699,"position":1},"title":"Oil markets barely blink as Russia, Saudi announce deeper cuts","author":"enterpriseam admin","date":"4 July 2023","format":false,"excerpt":"Brent crude rose on the news but ended the day slightly down","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\/2023\/7\/47.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591104,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/31\/oil-prices-look-to-notch-biggest-monthly-gains-since-january-2022-in-july\/","url_meta":{"origin":584699,"position":2},"title":"Oil prices look to notch biggest monthly gains since January 2022 in July","author":"enterpriseam admin","date":"31 July 2023","format":false,"excerpt":"Brent and US crude have hit their highest levels since April as the market tightens","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\/2023\/7\/1257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542663,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/10\/oil-rallies-again-as-treasuries-tank-reddit-taps-goldman-jpm-for-ipo\/","url_meta":{"origin":584699,"position":3},"title":"Oil rallies again as treasuries tank + Reddit taps Goldman, JPM for IPO","author":"enterpriseam admin","date":"10 January 2022","format":false,"excerpt":"The oil market started the year with gusto: Prices surged past the USD 80 \/ barrel mark last week as the omicron variant did little to dent demand, Bloombergreports. 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