Egypt blackouts, Morocco rate cut, Iran election

Gas shortages in Egypt have led to blackouts and hotter summers are likely to raise demand for energy in the future. Absent further large gas finds, Egypt’s time as a natural gas net exporter is probably already over. Elsewhere, after Morocco’s central bank kicked off its monetary easing cycle this week, the governor has hinted at more loosening later this year. Finally, voting in Iran’s presidential election starts tomorrow and comes at a key moment for the economy. But one key point is that, whoever wins, power in Iran is concentrated in the hands of Ayatollah Khameini, the Guardian Council, and the IRGC.