{"id":588012,"date":"2023-06-05T00:00:00","date_gmt":"2023-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/saudi-arabia-to-further-curb-oil-supply-in-bid-to-lift-prices\/"},"modified":"2023-06-05T00:00:00","modified_gmt":"2023-06-05T00:00:00","slug":"saudi-arabia-to-further-curb-oil-supply-in-bid-to-lift-prices","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/saudi-arabia-to-further-curb-oil-supply-in-bid-to-lift-prices\/","title":{"rendered":"Saudi Arabia to further curb oil supply in bid to lift prices"},"content":{"rendered":"

<\/span>Saudi Arabia will voluntarily cut oil <\/span>production by 1 mn barrels per day<\/span> after the OPEC+ group of oil producers failed to agree on new curbs during a tense meeting in Vienna yesterday. The reduction comes on top of its 500k b\/d voluntary cut in April, and will see the kingdom\u2019s production fall to its lowest level in several years. Speaking following the meeting, Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom \u201cwill do whatever is necessary\u201d to stabilize the market. April\u2019s supply cut has failed to support oil prices, which have been on a downward trend in recent weeks on fears of a global economic slowdown.<\/span><\/p>\n

Oil prices are rising in Asia this morning following the news:<\/span> Brent futures were up 0.8% to USD 77.05 a barrel while US crude was 1.4% higher.<\/span><\/p>\n

<\/p>\n

\n

Speculators bullish on tech, bearish on S&P 500:<\/span> Speculative investors are anticipating a <\/span>decline in the S&P 500 Index, while predicting growth in the tech-focused Nasdaq 100, according to data picked up by the <\/span>Wall Street Journal<\/a><\/span>. Growing negativity about the prospects for the broader stock market has resulted in investors acquiring their most bearish positioning since 2007. On the flipside, expectations for a tech rally are building: the seven big tech companies listed on the S&P 500 have been the difference makers in keeping the index from falling into negative this year. While the S&P 500 is up almost 12% this year, potential misfires from tech companies could leave the index vulnerable, says the WSJ. <\/span><\/p>\n

<\/p>\n

\n

A return to normalcy at the Turkish central bank? <\/span>Turkey\u2019s new finance minister, Mehme<\/span>t Simsek, has pledged a return to \u201crational\u201d policies, putting an end to years of unorthodox monetary policies pushed by the country\u2019s president, Recep Tayyip Erdogan, the <\/span>Financial Times<\/a><\/span> reports<\/span>. Simsek was appointed to the cabinet on Saturday following Erdogan\u2019s reelection to a new five-year term last week. <\/span>\u201cThe choice of Mehmet Simsek. . . increases the likelihood that <\/span>monetary policy will shift towards a more orthodox direction,\u201d Goldman Sachs analysts wrote in a note following his appointment.<\/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

17,455<\/span><\/p>\n<\/td>\n

\n

-0.4% (YTD: +19.6%)<\/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

11,222<\/span><\/p>\n<\/td>\n

\n

+1.9% (YTD: +7.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,406<\/span><\/p>\n<\/td>\n

\n

+0.4% (YTD: -7.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,603<\/span><\/p>\n<\/td>\n

\n

+0.6% (YTD: +8.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,282<\/span><\/p>\n<\/td>\n

\n

+1.5% (YTD: +11.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,607<\/span><\/p>\n<\/td>\n

\n

+1.6% (YTD: +2.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,324<\/span><\/p>\n<\/td>\n

\n

+1.6% (YTD: +14.0%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 76.13<\/span><\/p>\n<\/td>\n

\n

+2.5%<\/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 2.17<\/span><\/p>\n<\/td>\n

\n

+0.7%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,969.60<\/span><\/p>\n<\/td>\n

\n

-1.3%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 27,256<\/span><\/p>\n<\/td>\n

\n

+0.6% (YTD: +64.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.4% at yesterday\u2019s close<\/span> on turnover of EGP 2.84 bn.\u0650 Regional investors <\/span>were net buyers. The index is up 19.6% YTD.<\/span><\/p>\n

In the green: <\/span>Ibnsina Pharma (+14.0%), Qalaa Holdings (+10.0%) and Fawry (+3.3%).<\/span><\/p>\n

In the red: <\/span>Abu Qir Fertilizers (-3.5%), Eastern Company (-3.3%), and Sidi Kerir Petrochemicals (-2.7%).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Kingdom to cut output by 1 mn barrels a day<\/p>\n","protected":false},"author":1,"featured_media":588013,"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":[102,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-capital-markets","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"c04cd550-0ca8-4723-a9ef-6df8ed9a9a7a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/178.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi 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BlackRock\u2019s Head of Emerging Market Debt Sergio Trigo Paz tells Bloomberg, as investors respond to an increase in US treasury yields and stimulus programs in emerging markets taper out.2021 isn\u2019t 2013, he says: Despite\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":588012,"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":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":588012,"position":2},"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 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