OPEC wants more than USD 12 tn in oil investment: OPEC has called for USD 12.1 tn to be invested in the global oil sector over the next 23 years ⁠— equal to around USD 500 bn every year ⁠— to meet demand. “Chronic underinvestment into the global oil industry in recent years, due to industry downturns, the covid-19 pandemic, as well as policies centered on ending financing in fossil fuel projects, is a major cause of concern,” OPEC Secretary-General Haitham Al Ghais wrote in OPEC’s 2022 World Oil Outlook this week.

Why the need for so much investment? The cartel expects global oil demand to rise by 13% to 109.5 mn barrels a day by 2035. Other analysts have forecast demand to peak before the end of the decade because of growth of renewable energy and electric cars.

OPEC isn’t totally on board with the green transition: “The prevailing view that the energy transition is a linear trajectory from oil and other fossil fuels to renewables was misleading and potentially dangerous to a world that will continue to be thirsty for all energy sources,” Al Ghais wrote.

Aramco + BP hit the jackpot: Saudi Aramco and BP both reported huge profits for 3Q 2022 on the back of high energy prices. Aramco reported (pdf) a net income of USD 42.4 bn — its second-biggest quarterly profits since its 2019 IPO — while BP’s profits more than doubled (pdf) to hit USD 8.2 bn.

Meanwhile, in Abu Dhabi: The Emirates Central Cooling Systems Corp (Empower) responded to high demand for its IPO by increasing the number of shares on offer by 50%. The company will now sell 1.5 bn shares (equal to a 15% stake) to raise as much as AED 2 bn (USD 543 mn), according to Bloomberg.

	EGX30	11,433	+0.5% (YTD: -4.3%)
	USD (CBE)	Buy 24.11	Sell 24.24
	USD at CIB	Buy 24.03	Sell 24.13
	Interest rates CBE	13.25% deposit	14.25% lending
	Tadawul	11,530	-1.2% (YTD: +2.2%)
	ADX	10,416	0.0% (YTD: +22.7%)
	DFM	3,327	-0.1% (YTD: +4.1%)
	S&P 500	3,856	-0.4% (YTD: -19.1%)
	FTSE 100	7,186	+1.3% (YTD: -2.7%)
	Euro Stoxx 50	3,651	+0.9% (YTD: -15.1%)
	Brent crude	USD 94.65	+2.0%
	Natural gas (Nymex)	USD 5.71	-10.1%
	Gold	USD 1,649.70	+0.6%
	BTC	USD 20,472	+0.4% (YTD: -55.7%)

THE CLOSING BELL-

The EGX30 rose 0.5% at yesterday’s close on turnover of EGP 1.53 bn (30.8% above the 90-day average). Foreign investors were net sellers. The index is down 4.3% YTD.

In the green: Cleopatra Hospitals (+7.7%), Madinet Nasr Housing and Development (+4.7%) and Credit Agricole Egypt (+3.0%).

In the red: Juhayna (-4.7%), Eastern Company (-2.5%) and Palm Hills Development (-1.0%).