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OPEC+ Delays Meeting to Friday

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina
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OPEC+ Delays Meeting to Friday

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina

OPEC+ delayed its ministerial meeting until Friday to hold more talks on oil output policy, OPEC+ sources said on Thursday.

OPEC+ sources earlier said the plan, on which top OPEC+ producers Saudi Arabia and Russia had reached a preliminary agreement, would see output rise by 0.4 million bpd a month from August to December 2021 to meet rising global demand.

Responding to oil demand destruction caused by the COVID crisis, OPEC+ had last year agreed to cut output by almost 10 million bpd from May 2020, with plans to phase out the curbs by the end of April 2022. Cuts now stand at about 5.8 million bpd.

Moscow and Riyadh had also proposed extending the duration of cuts until the end of 2022 to avoid a new glut next year.

An OPEC+ technical panel on Tuesday had said it expected oil demand to grow by 6 million bpd in 2021 but flagged risks of a glut in 2022, saying there were "significant uncertainties" including an uneven global recovery and rising cases of the Delta variant of the coronavirus.

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Egypt's Net Foreign Assets Retreat in April after March Jump

A general view of the new headquarters of Central Bank of Egypt, at the New Administrative Capital (NAC) east of Cairo, Egypt December 8, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
A general view of the new headquarters of Central Bank of Egypt, at the New Administrative Capital (NAC) east of Cairo, Egypt December 8, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
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Egypt's Net Foreign Assets Retreat in April after March Jump

A general view of the new headquarters of Central Bank of Egypt, at the New Administrative Capital (NAC) east of Cairo, Egypt December 8, 2023. REUTERS/Amr Abdallah Dalsh/File Photo
A general view of the new headquarters of Central Bank of Egypt, at the New Administrative Capital (NAC) east of Cairo, Egypt December 8, 2023. REUTERS/Amr Abdallah Dalsh/File Photo

Egypt's net foreign assets (NFAs) fell by $1.5 billion in April, central bank data showed on Wednesday, retreating from March, when the approval of the fourth review of the country's IMF program sparked a jump.

NFAs slid to the equivalent of $13.54 billion, from $15.08 billion at the end of March, according to Reuters calculations based on official central bank currency exchange rates.

In March, NFAs jumped by $4.9 billion after the International Monetary Fund approved the disbursement to Egypt of $1.2 billion after completing its review of the country's $8 billion economic reform program, Reuters reported.

The IMF also approved a request for a $1.3 billion arrangement under the IMF's resilience and sustainability facility.

The approvals led to an inflow of foreign investment in Egyptian pound treasury bills, bankers said.

Egypt had been using foreign assets, which include assets held by both the central bank and commercial banks, to help prop up its currency since as long ago as September 2021. Net foreign assets turned negative in February 2022 and only returned to positive territory in May last year.

Foreign assets increased in April at both the central bank and commercial banks, while foreign liabilities fell at both as well.