{"id":628038,"date":"2018-06-24T04:29:36","date_gmt":"2018-06-24T04:29:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/opec-and-allies-agree-to-pump-additional-c-1-mn-bpd-of-oil-as-of-july\/"},"modified":"2018-06-24T04:29:36","modified_gmt":"2018-06-24T04:29:36","slug":"opec-and-allies-agree-to-pump-additional-c-1-mn-bpd-of-oil-as-of-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/opec-and-allies-agree-to-pump-additional-c-1-mn-bpd-of-oil-as-of-july\/","title":{"rendered":"OPEC and allies agree to pump additional c. 1 mn bpd of oil as of July"},"content":{"rendered":"

Egypt\u2019s bid to tame its subsidy spending got a shot in the arm over the weekend after OPEC and other oil producers agreed to increase output<\/strong> starting next month, although the meeting in Vienna stopped short of outlining clear targets, Reuters reports<\/a>. OPEC and other major producers said in a joint statement they intend to return to \u201c100% compliance with previously agreed output cuts, after months of underproduction.\u201d Saudi Arabian Energy Minister Khalid Al Falih said \u201cOPEC and non-OPEC combined would pump roughly an extra 1 mn bpd in coming months equal to 1% of global supply,\u201d with Saudi contributing \u201chundreds of thousands of barrels,\u201d and Russia supplying an additional 200k bpd in 2H2018. \u201cThe only country that can increase production is Saudi Arabia, so its interpretation of the [pact] is the one that matters,\" Wood Mackenzie consultant and OPEC watcher Ann-Louise Hittle tells Bloomberg<\/a>.<\/p>\n

This is good news for Egypt, which has been hoping to see oil prices drop. <\/strong>Lower oil output had caused global Brent crude prices to surge above the USD 80\/bbl mark. The strain of higher oil prices on the state\u2019s FY2018-19 budget has been a growing concern for policymakers here and even saw the governmentconsider hedging strategies<\/a>. Speaking at the OPEC gathering in Vienna, Oil Minister Tarek El Molla<\/a> described the move on production as a \u201cshow of unprecedented global solidarity in order to achieve a balance in the oil market.\u201d<\/p>\n

Iran, however, was less pleased.<\/strong> Reuters says that the decision came \u201camid deep disagreements between OPEC arch-rivals Saudi Arabia and Iran,\u201d noting that unlike Riyadh, Tehran has \u201clittle to gain\u201d from increased oil production due to US sanctions passed down by President Donald Trump last month. The FT says<\/a> Saudi had made a last-minute attempt to change Iran\u2019s mind after Iranian Energy Minister Bijan Zanganeh threatened to derail the agreement<\/a> .<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s bid to tame its subsidy spending got a shot in the arm over the weekend after OPEC and other oil producers agreed to increase output starting next month, although the meeting in Vienna stopped short of outlining clear targets, Reuters reports. OPEC and other major producers said in a joint statement they intend to […]<\/p>\n","protected":false},"author":1,"featured_media":628039,"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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-628038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"62e24484-9258-40d6-a8b7-993c0d268ebf","order":"0","is_powered_by":true,"section_story_id":"df65e825-450f-4737-aef8-9552c08bf292","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/6\/1596.jpg","photo_position":"above","related_issue":[628029],"teaser":"","voice_url":""},"yoast_head":"\nOPEC and allies agree to pump additional c. 1 mn bpd of oil as of July - 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\/06\/24\/opec-and-allies-agree-to-pump-additional-c-1-mn-bpd-of-oil-as-of-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC and allies agree to pump additional c. 1 mn bpd of oil as of July\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s bid to tame its subsidy spending got a shot in the arm over the weekend after OPEC and other oil producers agreed to increase output starting next month, although the meeting in Vienna stopped short of outlining clear targets, Reuters reports. 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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":601156,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/20\/non-opec-oil-producers-are-failing-to-meet-their-supply-cut-targets\/","url_meta":{"origin":628038,"position":1},"title":"Non-OPEC oil producers are failing to meet their supply cut targets","author":"enterpriseam admin","date":"20 February 2019","format":false,"excerpt":"Non-OPEC oil producers are failing to meet their supply cut targets: The 1.2 mbd oil production cut agreement made between OPEC and non-OPEC countries last year is falling by the wayside as new Bloomberg data reveals that just 10 of the 21 signatories met their production targets in January. OPEC\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/2\/1966.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":627243,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/26\/madbouly-cabinet-signs-off-on-fuel-hedging\/","url_meta":{"origin":628038,"position":2},"title":"Madbouly Cabinet signs off on fuel hedging","author":"enterpriseam admin","date":"26 July 2018","format":false,"excerpt":"CABINET WATCH- The Madbouly Cabinet gave the Oil Ministry the greenlight to sign fuel hedging contracts with international banks at its weekly meeting yesterday. We had heard that seven offers were already on the table and under review from institutions looking to provide Egypt with fuel hedging solutions to prevent\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":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":628038,"position":3},"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 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":628085,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/25\/finance-ministry-committee-to-begin-reviewing-fuel-hedging-offers-in-july\/","url_meta":{"origin":628038,"position":4},"title":"Finance Ministry committee to begin reviewing fuel hedging offers in July","author":"enterpriseam admin","date":"25 June 2018","format":false,"excerpt":"FinMin committee to begin reviewing fuel hedging offers in July: A Finance Ministry committee tasked with studying offers for mechanisms of hedging against fuel price hikes will reportedly convene for the first time in early July to begin its review, a government source tells Al Shorouk. We reported earlier this\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":647962,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/24\/egypt-signals-willingness-to-join-opec-oil-cuts-kuwaits-oil-minister-says\/","url_meta":{"origin":628038,"position":5},"title":"Egypt signals willingness to join OPEC oil cuts, Kuwait\u2019s Oil Minister says","author":"enterpriseam admin","date":"24 May 2017","format":false,"excerpt":"Turkmenistan, Norway, and Egypt have all signaled willingness to join OPEC members in cutting their production of oil, Kuwait's Oil Minister Essam Al Marzouq said, according to Reuters. Norway\u2019s oil ministry was quick to deny any plans to cut output. Al Marzouq said OPEC are discussing \u201cwhether to extend output\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/628038","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=628038"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/628038\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/628029"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/628039"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=628038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=628038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=628038"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=628038"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=628038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}