5 things that happened this week:
OPEC+ extended some oil output cuts to 2025
But plans to phase out other curbs from Oct
The net effect: significantly more supply by mid-2025
1/5
bloomberg.com
OPEC+ extended some oil output cuts to 2025
But plans to phase out other curbs from Oct
The net effect: significantly more supply by mid-2025
1/5
bloomberg.com
Oil fell after the OPEC+ announcement
Price went from $82 at the end of last week to below $80
The trough was at $77, almost a 4-month low
2/5
bloomberg.com
Price went from $82 at the end of last week to below $80
The trough was at $77, almost a 4-month low
2/5
bloomberg.com
Saudi is raising funds
Why? Because the current oil price is below what it needs to pay for spending
How? By selling shares in Aramco, worth about $11 bn
3/5
bloomberg.com
Why? Because the current oil price is below what it needs to pay for spending
How? By selling shares in Aramco, worth about $11 bn
3/5
bloomberg.com
The oil price today is still above the 2015-2019 average of $58
And its high level has been one reason behind the Dubai real-estate boom
Property prices rose 49% between Nov-2020 and Jan-2024
4/5
bloomberg.com
And its high level has been one reason behind the Dubai real-estate boom
Property prices rose 49% between Nov-2020 and Jan-2024
4/5
bloomberg.com
Oil money is also helping other parts of the Mideast
Egypt foreign-exchange reserves rose to $46 bn in May from $35 bn in Feb
As funds from the international bailout, led by the UAE, are flowing in
5/5
bloomberg.com
Egypt foreign-exchange reserves rose to $46 bn in May from $35 bn in Feb
As funds from the international bailout, led by the UAE, are flowing in
5/5
bloomberg.com
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