{"id":590580,"date":"2023-07-24T00:00:00","date_gmt":"2023-07-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/oil-prices-to-rise-this-year-amid-serious-supply-demand-imbalance-says-ief-official\/"},"modified":"2023-07-24T00:00:00","modified_gmt":"2023-07-24T00:00:00","slug":"oil-prices-to-rise-this-year-amid-serious-supply-demand-imbalance-says-ief-official","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/oil-prices-to-rise-this-year-amid-serious-supply-demand-imbalance-says-ief-official\/","title":{"rendered":"Oil prices to rise this year amid \u201cserious\u201d supply-demand imbalance, says IEF official"},"content":{"rendered":"

Oil prices will continue to rise through the second half of the year <\/strong> as the recent supply cuts from OPEC+<\/a> and Saudi Arabia<\/a> meet rising demand from China and India, International Energy Forum Secretary-General Joseph McMonigle told CNBC<\/a> last week . \u201cFor the second half of this year, we\u2019re going to have serious problems with supply keeping up, and as a result, you\u2019re going to see prices respond to that,\u201d he said. McMonigle points to increasing demand from India and China, saying that it will make up some 2 mn barrels a day of demand. <\/p>\n

Oil prices rise:<\/strong> Brent futures rose 1.8% to close above USD 81 per barrel on Friday amid expectations for supply shortages over the coming months. <\/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 <\/strong> <\/p>\n<\/td>\n

\n

17,579 <\/p>\n<\/td>\n

\n

-0.2% (YTD: +20.4%) <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

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

\n

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

\n

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

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

\n

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

\n

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

\n

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

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

\n

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

\n

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

\n

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

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

\n

11,760 <\/p>\n<\/td>\n

\n

0.0% (YTD: +12.2%) <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,629 <\/p>\n<\/td>\n

\n

-0.4% (YTD: -5.7%) <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,986 <\/p>\n<\/td>\n

\n

0.0% (YTD: +19.5%) <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,536 <\/p>\n<\/td>\n

\n

0.0% (YTD: +18.6%) <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,664 <\/p>\n<\/td>\n

\n

+0.2% (YTD: +2.8%) <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,391 <\/p>\n<\/td>\n

\n

+0.4% (YTD: +15.8%) <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 81.07 <\/p>\n<\/td>\n

\n

+1.8% <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.71 <\/p>\n<\/td>\n

\n

-1.6% <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,005.30 <\/p>\n<\/td>\n

\n

-0.2% <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 30,141 <\/p>\n<\/td>\n

\n

+1.0% (YTD: +82.3%) <\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.2% at Wednesday\u2019s close<\/strong> on turnover of EGP 1.59 bn (17.5% below the 90-day average). Local investors were net sellers. The index is up 20.4% YTD. <\/p>\n

In the green: <\/strong> Orascom Construction (+2.3%), EFG Holding (+1.0%) and Edita (+0.7%). <\/p>\n

In the red: <\/strong> Heliopolis Housing (-1.9%), Qalaa Holdings (-1.6%) and Elsewedy Electric (-1.5%). <\/p>\n","protected":false},"excerpt":{"rendered":"

Oil exporters have removed more than 1 mn barrels of oil per day from the market this year under efforts to support prices<\/p>\n","protected":false},"author":1,"featured_media":590581,"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":[93,72,119,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-energy","tag-enterpriseam","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"7582cb47-bdf8-4ed7-a1f1-2120ccc5970e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/878.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Oil prices to rise this year amid \u201cserious\u201d supply-demand imbalance, says IEF official","related_issue":[590552],"teaser":"Oil exporters have removed more than 1 mn barrels of oil per day from the market this year under efforts to support prices","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.8fd646f1-db4c-4312-b260-cba2e12da6d3.mp3"},"yoast_head":"\nOil prices to rise this year amid \u201cserious\u201d supply-demand imbalance, says IEF official - 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PLUS: Threats to global LNG supply and fresh US inflation data.","author":"enterpriseam admin","date":"13 August 2023","format":false,"excerpt":"Oil prices have risen more than 10% since July as supply tightens and consumption in China grows","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\/8\/568.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563819,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/opec-finally-reaches-an-agreement-to-raise-oil-supply\/","url_meta":{"origin":590580,"position":1},"title":"OPEC+ finally reaches an agreement to raise oil supply","author":"enterpriseam admin","date":"25 July 2021","format":false,"excerpt":"OPEC+ finally reached an agreement last Sunday to gradually increase production until the end of 2022, according to the Financial Times. From August until the end of next year, OPEC+ will add 400k barrels per day each month, extending the supply cuts to December 2022 instead of April. This will\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":590580,"position":2},"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":607744,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/09\/opec-maintains-oil-supply-curbs-oil-prices-plunge-anyway\/","url_meta":{"origin":590580,"position":3},"title":"OPEC+ maintains oil supply curbs. Oil prices plunge anyway.","author":"enterpriseam admin","date":"9 October 2023","format":false,"excerpt":"The oil market experienced its worst day of trading in over a year following the decision due concerns that slumping economic growth will hit demand","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\/10\/435.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628273,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/28\/ksa-to-ramp-up-production-to-a-record-10-8-mn-bpd\/","url_meta":{"origin":590580,"position":4},"title":"KSA to ramp up production to a record 10.8 mn bpd","author":"enterpriseam admin","date":"28 June 2018","format":false,"excerpt":"Saudi Arabia reportedly plans to pump a record 10.8 mn barrels of crude a day starting July under a pact with OPEC that should see global oil output rise by 1 mn bpd for the second half of the year, unnamed sources tell Bloomberg. Energy Minister Khalid Al Falih said\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":560556,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/03\/what-the-markets-are-doing-on-3-march-2021\/","url_meta":{"origin":590580,"position":5},"title":"What the markets are doing on 3 March 2021","author":"enterpriseam admin","date":"3 March 2021","format":false,"excerpt":"EM bonds are likely to continue to oscillate between rallies and sell-offs for the coming months, 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590580","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=590580"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590580\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590552"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590581"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590580"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590580"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}