{"id":590822,"date":"2023-07-26T00:00:00","date_gmt":"2023-07-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/26\/output-cuts-are-taking-their-toll-on-saudi-oil-income\/"},"modified":"2023-07-26T00:00:00","modified_gmt":"2023-07-26T00:00:00","slug":"output-cuts-are-taking-their-toll-on-saudi-oil-income","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/26\/output-cuts-are-taking-their-toll-on-saudi-oil-income\/","title":{"rendered":"Output cuts are taking their toll on Saudi oil income"},"content":{"rendered":"

Saudi oil revenues fell to their lowest level since September 2021 in May<\/strong> as voluntary production cuts and lower oil prices hit the country\u2019s hydrocarbon exports, Bloomberg<\/a> reports. The country brought in USD 19.2 bn in oil receipts during the month, down from USD 22.3 bn in May, according to figures from the country\u2019s statistics authority. <\/p>\n

Cheap debt catches up with US companies as rates rise: <\/strong> The US junk loan market has been hit with 120 downgrades in 2Q 2023 as rising interest rates place strain on companies that overindulged in recent years of cheap debt, reports the Financial Times<\/a>, citing JPMorgan analysis. The Federal Reserve\u2019s policy response will direct the potential for future downgrades, with some analysts recasting their predictions of a recession. Goldman Sachs now gives a 20% chance of recession in the next 12 months, down from 25% previously. <\/p>\n

Positive data from the US:<\/strong> US consumer confidence hit a two-year high in July on the back of lower inflation and a tight labor market. ( Statement<\/a>) <\/p>\n

<\/a> <\/a> <\/p>\n

\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

17,480 <\/p>\n<\/td>\n

\n

-0.4% (YTD: -19.7%) <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.85 <\/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

11,883 <\/p>\n<\/td>\n

\n

+0.7% (YTD: +13.4%) <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,727 <\/p>\n<\/td>\n

\n

-0.1% (YTD: -4.7%) <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,015 <\/p>\n<\/td>\n

\n

+0.5% (YTD: +20.4%) <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,567 <\/p>\n<\/td>\n

\n

+0.3% (YTD: +19.0%) <\/p>\n<\/td>\n<\/tr>\n

\n

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

FTSE <\/strong> 1<\/strong> 00<\/strong> <\/p>\n<\/td>\n

\n

7,692 <\/p>\n<\/td>\n

\n

+0.2% (YTD: +3.2%) <\/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

+0.2% (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 83.28 <\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 2.73 <\/p>\n<\/td>\n

\n

+1.7% <\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,005.50 <\/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 29,228 <\/p>\n<\/td>\n

\n

+0.3% (YTD: +76.8%) <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.4% at yesterday\u2019s close<\/strong> on turnover of EGP 1.62 bn (15.9% below the trailing 90-day average). Local investors were net sellers. The index is up 19.7% YTD. <\/p>\n

In the green: <\/strong> Ezz Steel (+5.7%), Edita (+1.1%) and Mopco (+0.9%). <\/p>\n

In the red: <\/strong> Qalaa Holdings (-3.6%), Credit Agricole Egypt (-3.4%) and Ibnsina Pharma (-3.1%). <\/p>\n","protected":false},"excerpt":{"rendered":"

Monthly oil revenues fell by a third in May to hit their lowest level since September 2021<\/p>\n","protected":false},"author":1,"featured_media":590823,"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":[93,72,119,91,122,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590822","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","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"a3aed158-0d58-4d85-b8c5-a7c179880d7d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/1052.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Output cuts are taking their toll on Saudi oil income","related_issue":[590799],"teaser":"Monthly oil revenues fell by a third in May to hit their lowest level since September 2021","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.22948e5e-a7c3-42d7-b2b1-8df1d1a4b94b.mp3"},"yoast_head":"\nOutput cuts are taking their toll on Saudi oil income - 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Monetary policymakers have hiked rates more than 60 times since March, the largest number since at least the turn of the\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":560910,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/what-the-markets-are-doing-on-17-march-2021\/","url_meta":{"origin":590822,"position":2},"title":"What the markets are doing on 17 March 2021","author":"enterpriseam admin","date":"17 March 2021","format":false,"excerpt":"Saudi Arabia\u2019s oil sector is facing its biggest slump in a decade, keeping the kingdom in recession in 4Q2020. Activity in the Saudi oil sector fell 8.5% during the quarter, a contraction that Bloomberg says is the biggest since at least 2011. The fall in output is largely due to\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":558453,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/10\/aluminium-prices-surge-to-near-decade-high-delta-variant-to-hit-china-growth-prospects\/","url_meta":{"origin":590822,"position":3},"title":"Aluminium prices surge to near decade high + Delta variant to hit China growth prospects","author":"enterpriseam admin","date":"10 August 2021","format":false,"excerpt":"SUPERCYCLE WATCH- Aluminium prices are nearing a decade high of c. USD 2.6k per tonne this week, supported by a post-pandemic global economic recovery and a sustained rebound in prices of industry-related materials, the Financial Times reports. Aluminium prices rose 31% y-o-y in 2021, with the potential for this year\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":609662,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/08\/saudi-aramco-fertiglobe-report-lower-earnings-following-bumper-2022\/","url_meta":{"origin":590822,"position":4},"title":"Saudi Aramco, Fertiglobe report lower earnings following bumper 2022","author":"enterpriseam admin","date":"8 November 2023","format":false,"excerpt":"Saudi Aramco\u2019s 3Q earnings drop on the back of production cuts and falling oil prices: Saudi oil giant Saudi Aramco posted a 23% y-o-y drop in its 3Q earnings, according to an earnings release (pdf) yesterday. Net income fell to USD 32.6 bn in the quarter, down from USD 42.4\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\/2023\/11\/384.JPG?fit=%2C&ssl=1&resize=350%2C200","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":590822,"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\/590822","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=590822"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590822\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590799"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590823"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590822"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590822"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}