{"id":622435,"date":"2018-10-01T04:08:07","date_gmt":"2018-10-01T04:08:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/01\/what-oil-at-usd-100-a-barrel-means-for-the-global-economy\/"},"modified":"2018-10-01T04:08:07","modified_gmt":"2018-10-01T04:08:07","slug":"what-oil-at-usd-100-a-barrel-means-for-the-global-economy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/01\/what-oil-at-usd-100-a-barrel-means-for-the-global-economy\/","title":{"rendered":"What oil at USD 100 a barrel means for the global economy"},"content":{"rendered":"

What oil hitting USD 100 a barrel means for the world:<\/strong> Oil\u2019s return to USD 100 a barrel won\u2019t hit global growth as hard as a similar spike in 2011 thanks to economies\u2019 reduced reliance on the energy industry, \u201cthe shale revolution,\u201d as well as already-high oil prices, Bloomberg reports<\/a>. A price spike would, however, surely drive up inflation and strain households in importing countries: While some policymakers assess inflation through indexes that remove energy costs, \u201ca substantial run-up in oil prices could provide a more durable uptick for overall inflation if the costs filter through to transportation and utilities.\u201d Read: If you live in Egypt.<\/p>\n

Blame Trump? <\/strong>The US re-imposing sanctions on Iran, paired with civil unrest in Venezuela, Libya and Nigeria, have all hampered oil supply amid growing demand, leading to a 22% increase in Brent crude prices this year. The Donald has been putting pressure on Saudi Arabia and its OPEC friends to step up production to drive prices down, but they have shown no serious signs they will comply.<\/p>\n

Winners and losers: <\/strong>Oil producers Saudi Arabia, Nigeria, and Colombia are among the countries that would see the hike positively reflect on their budget, current account deficit, and investment spending. On the flipside, losers would include net oil importers, including Europe and China.<\/p>\n

Egypt would obviously be on the wrong side of the equation:<\/strong> The hike would strain Egypt\u2019s concerted effort to tighten its budget and put more pressure on consumers already grappling with the impact of high inflation in recent years. A senior government official told us last month<\/a> that the Finance Ministry is looking to amend its budget deficit target for FY2018-19 to 8.6% from 8.4% in large part thanks to rising global oil prices. It likely also mean further fuel subsidy cuts, from which the poor are largely insulated, but which hit lower-middle-class and middle-class consumers squarely in the pocketbooks.<\/p>\n","protected":false},"excerpt":{"rendered":"

What oil hitting USD 100 a barrel means for the world: Oil\u2019s return to USD 100 a barrel won\u2019t hit global growth as hard as a similar spike in 2011 thanks to economies\u2019 reduced reliance on the energy industry, \u201cthe shale revolution,\u201d as well as already-high oil prices, Bloomberg reports. A price spike would, however, […]<\/p>\n","protected":false},"author":1,"featured_media":622436,"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":[9272],"tags":[72,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-enterpriseam","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"b98ff03a-38a4-45d9-a5df-54e30fdb21cb","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/8\/661.jpg","photo_position":"above","related_issue":[622418],"teaser":"","voice_url":""},"yoast_head":"\nWhat oil at USD 100 a barrel means for the global economy - 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\/2018\/10\/01\/what-oil-at-usd-100-a-barrel-means-for-the-global-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What oil at USD 100 a barrel means for the global economy\" \/>\n<meta property=\"og:description\" content=\"What oil hitting USD 100 a barrel means for the world: Oil\u2019s return to USD 100 a barrel won\u2019t hit global growth as hard as a similar spike in 2011 thanks to economies\u2019 reduced reliance on the energy industry, \u201cthe shale revolution,\u201d as well as already-high oil prices, Bloomberg reports. 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A report (pdf) from the UN\u2019s Food and Agriculture Organization (FAO) finds that\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":550301,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/no-quarterly-fuel-price-hike-for-the-first-time-in-18-months\/","url_meta":{"origin":622435,"position":4},"title":"No quarterly fuel price hike for the first time in 18 months","author":"enterpriseam admin","date":"23 October 2022","format":false,"excerpt":"A state committee left fuel prices unchanged at its latest quarterly meeting, defying expectations of another raise and ending a streak of six consecutive quarters of petrol price hikes, the Oil Ministry said in a statement yesterday. Fuel prices have seen a 23-28% hike since last April.A further price hike\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/299.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545748,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/11\/inflation-rises-to-near-three-year-high-as-global-food-prices-spike\/","url_meta":{"origin":622435,"position":5},"title":"Inflation rises to near three-year high as global food prices spike","author":"enterpriseam admin","date":"11 April 2022","format":false,"excerpt":"Annual urban inflation rose to its highest level in almost three years in March as spillover effects from the conflict in Ukraine continued to hit the Egyptian economy. Figures (pdf) released by statistics agency Capmas yesterday showed that inflation accelerated to 10.5% last month from 8.8% in February, above the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/194.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622435","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=622435"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622435\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622418"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/622436"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622435"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622435"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}