{"id":628932,"date":"2018-05-17T04:11:41","date_gmt":"2018-05-17T04:11:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/17\/the-house-is-worried-about-how-rising-oil-prices-will-hit-the-2018-19-budget\/"},"modified":"2018-05-17T04:11:41","modified_gmt":"2018-05-17T04:11:41","slug":"the-house-is-worried-about-how-rising-oil-prices-will-hit-the-2018-19-budget","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/17\/the-house-is-worried-about-how-rising-oil-prices-will-hit-the-2018-19-budget\/","title":{"rendered":"The House is worried about how rising oil prices will hit the 2018-19 budget"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The House is worried about how rising oil prices will hit the 2018-19 budget:<\/strong> Meanwhile, the House of Representatives Budget Committee is debating whether to set aside more funds in case the government overshoots its 2018-19 budget deficit target, <a href=\"https:\/\/alborsanews.com\/2018\/05\/16\/1105862\">committee\u2019s deputy chair Yasser Omar<\/a> says. The committee is mulling whether to raise the effective overdraft limit to 6% of expenditures from 3-5% in the current draft of the budget, he suggested. This comes as global oil prices inch further toward USD 80. Next fiscal year\u2019s budget assumes an oil price of USD 67\/bbl and identifies rising prices as among the top risk to the government not meeting its budget targets. <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/14\/what-were-tracking-on-14-may-2018\/\">Pharos Research head Radwa El Swaify<\/a> said that every USD 1 increase in global oil prices could see the government\u2019s subsidy bill rise by an average of EGP 4 bn annually.<\/p>\n<p><strong>The committee plans to conclude its budget review by the start of June,<\/strong> <a href=\"https:\/\/www.alborsanews.com\/2018\/05\/16\/1105532\">committee chair Hussein Eissa said yesterday<\/a>. The committee will hand its report over to the general assembly after having held 14 meetings with different ministers to discuss its details. <strong>The House of Representatives\u2019 general assembly is now in recess until 3 June,<\/strong> <a href=\"http:\/\/gate.ahram.org.eg\/News\/1918942.aspx\">Ahram Gate reports<\/a>. House committees look set to meet during the recess to discuss pressing legislation, including the FY2018-19 state budget.<\/p>\n<p><strong>On oil prices, Morgan Stanley sees them at around USD 90 for the foreseeable future regardless of short-term political tensions.<\/strong> The investment bank sees this as the oil price by 2020 on the back of new shipping regulations taking effect, which should dramatically change the industry, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-05-16\/morgan-stanley-says-a-shipping-revolution-has-oil-headed-for-90\">according to Bloomberg<\/a>. \u201cWe foresee a scramble for middle distillates that will drive crack spreads higher and drag oil prices with it,\u201d wrote Morgan Stanley analysts. New International Maritime Organization rules call for ships to reduce the maximum sulfur content of their fuels to 0.5%, from 3.5% in most regions, which is expected to cause an oversupply in high-sulfur fuel. <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/13\/what-were-tracking-on-13-may-2018\/\">Bank of America predicts<\/a> oil will get as high as USD 100 as early as next year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House is worried about how rising oil prices will hit the 2018-19 budget: Meanwhile, the House of Representatives Budget Committee is debating whether to set aside more funds in case the government overshoots its 2018-19 budget deficit target, committee\u2019s deputy chair Yasser Omar says. The committee is mulling whether to raise the effective overdraft [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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-628932","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2fdd295b-6ff6-4f9e-971a-abd503abe79c","order":"0","is_powered_by":true,"section_story_id":"fe8ff40c-03e7-4a5d-8417-c5fcf78806f4","story_type":"1","photo_url":"","photo_position":"above","related_issue":[628925],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The House is worried about how rising oil prices will hit the 2018-19 budget - 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\/05\/17\/the-house-is-worried-about-how-rising-oil-prices-will-hit-the-2018-19-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The House is worried about how rising oil prices will hit the 2018-19 budget\" \/>\n<meta property=\"og:description\" content=\"The House is worried about how rising oil prices will hit the 2018-19 budget: Meanwhile, the House of Representatives Budget Committee is debating whether to set aside more funds in case the government overshoots its 2018-19 budget deficit target, committee\u2019s deputy chair Yasser Omar says. The committee is mulling whether to raise the effective overdraft [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/17\/the-house-is-worried-about-how-rising-oil-prices-will-hit-the-2018-19-budget\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-17T04:11:41+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/17\/the-house-is-worried-about-how-rising-oil-prices-will-hit-the-2018-19-budget\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/17\/the-house-is-worried-about-how-rising-oil-prices-will-hit-the-2018-19-budget\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"The House is worried about how rising oil prices will hit the 2018-19 budget\",\"datePublished\":\"2018-05-17T04:11:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/17\/the-house-is-worried-about-how-rising-oil-prices-will-hit-the-2018-19-budget\/\"},\"wordCount\":347,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/17\/the-house-is-worried-about-how-rising-oil-prices-will-hit-the-2018-19-budget\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/17\/the-house-is-worried-about-how-rising-oil-prices-will-hit-the-2018-19-budget\/\",\"name\":\"The House is worried about how rising oil prices will hit the 2018-19 budget - 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The bill contains a number of scenarios for how to adjust for a potential surge in global oil prices, sources with knowledge of\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":628983,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/20\/govt-preparing-to-tweak-budget-for-higher-oil-prices\/","url_meta":{"origin":628932,"position":1},"title":"Gov\u2019t preparing to tweak budget for higher oil prices?","author":"enterpriseam admin","date":"20 May 2018","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t preparing to tweak budget for higher oil prices? The Ismail Cabinet will decide in the coming two weeks whether to raise the overdraft limit in the FY2017-18 budget to give itself breathing room in the context of climbing oil prices, Vice Minister of Finance Mohamed Maait tells Enterprise.\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":569160,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/egypt-hedged-against-rising-oil-prices-this-year-maait-confirms\/","url_meta":{"origin":628932,"position":2},"title":"Egypt hedged against rising oil prices this year, Maait confirms","author":"enterpriseam admin","date":"16 February 2020","format":false,"excerpt":"Egypt hedged against rising oil prices this year, Maait confirms: Egypt took out hedging contracts to guard against rising oil prices during the current fiscal year, Finance Minister Mohamed Maait confirmed in an interview with Bloomberg. The government hedged \u201cseveral times\u201d this year and \u201cwill hedge again during the year\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/202.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544493,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/rising-wheat-and-oil-prices-will-hit-budget-in-egypt-ministers-say\/","url_meta":{"origin":628932,"position":3},"title":"Rising wheat and oil prices will hit budget in Egypt, ministers say","author":"enterpriseam admin","date":"7 March 2022","format":false,"excerpt":"Rising global wheat prices could cost the government an additional EGP 15 bn this fiscal year, Finance Minister Mohamed Maait told Bloomberg Asharq (watch, runtime: 1:35). The ministry assumed an average price of USD 255 per ton in this year\u2019s budget but the state is now paying USD 350, Supply\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/75.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630652,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/29\/finance-ministry-not-planning-to-amend-budget-to-reflect-increase-in-global-oil-prices\/","url_meta":{"origin":628932,"position":4},"title":"Finance Ministry not planning to amend budget to reflect increase in global oil prices","author":"enterpriseam admin","date":"29 April 2018","format":false,"excerpt":"EXCLUSIVE- And speaking of FX stability: The next state budget assumes an average exchange rate of EGP 17.25 to the greenback, Vice Minister of Finance Mohamed Maait tells us. The proposed budget is currently with the House of Representatives for discussion. Our refresher on the proposed budget is here. Finance\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":570413,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/government-spending-on-health-education-wages-and-welfare-is-set-to-increase-in-fy2020-2021\/","url_meta":{"origin":628932,"position":5},"title":"Government spending on health, education, wages and welfare is set to increase in FY2020-2021","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"Government spending on health, education, wages and welfare is set to increase in the coming fiscal year, according to highlights of the draft 2020-2021 budget released yesterday by the Finance Ministry. Our math suggests government spending will increase 9% during the year in what Finance Minister Mohamed Maait called Egypt\u2019s\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/350.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\/628932","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=628932"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/628932\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/628925"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=628932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=628932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=628932"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=628932"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=628932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}