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Iraq’s Oil Revenues Down 15% From 2022’s Record
...e country dropping by 105,000 b/d to 911,000 b/d according to data intelligence firm Kpler (see chart 2). This is the lowest annual figure since 2017’s 845,000 b/d. Exports to India dipped to 741,000 b/d in June 2023, some 530,000 b/d below their March 2022 peak of 1.27mn b/d. Volumes however re...
Volume: 67Issue: 02Published at Fri, 12 Jan 2024 -
Qatar Keeps Crown As Largest LNG Exporter For 2020
...ven that Qatar is working to expand capacity to 126mn t/y by 2027 and expects first gas from its new trains in 2025 (MEES, 10 April 2020). Qatar’s continued presence at the top in recent years came despite the Saudi-led economic embargo of Qatar from June 2017. That embargo was finally lifted last we...
Volume: 64Issue: 02Published at Fri, 15 Jan 2021 -
Egypt Delays Subsidy Reform With Economy On The Mend
...ansport fuel subsidies in 2H 2018, the first half of the country’s 2018-19 financial year. This puts the country bang on target to hit the 2018-19 budget plan of E£89bn ($5.2bn). It also marks a real-terms fall of 21% versus the E£45bn ($2.9bn) spend for 1H 2017-18 given 12% inflation. But the co...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Algeria Set For 11th Straight Deficit In 2019
...dget anticipating a $17.4bn deficit. Algeria has run up cumulative budget deficits of over $100bn since 2009, with deficits recorded even in 2011-14 when oil prices were over $100/B. They have ballooned since as oil prices tanked (see charts 1 &2). 2017 was the closest Algeria has got to ba...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Algeria Bans Imports In Latest Move To Curb Deficit
...geria has knocked $2bn off the expected deficit in its final 2018 budget. But the final figure of AD1.914bn ($16.9bn at the budget exchange rate of $1=AD113.5; $16.6bn at the latest actual rate of $1=AD115) still represents a rise of over 70% on an expected 2017 deficit of $9.6bn. Some scope for a su...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Saudi: $13bn Handouts
...crease in the kingdom’s tax take (MEES, 22 December 2017). Tax revenue was slated to rise by $12bn, thanks to the introduction of VAT at 5% from 1 January as well as a hike to road fuel and electricity prices (MEES, 5 January). But, in the face of popular protest, Saudi Arabia is to counter the im...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Iran’s Cash Handouts Scheme: A Lingering Problem
...s been allocated to projects and the treasury has received little cash. SCATTERGUN APPROACH The key ‘culprit’ has been the scattergun approach of the cash handouts. Under the original law every Iranian was entitled to receive a monthly payment of IR450,000 ($13.6 at the 2017-18 budget ex...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
Dubai Edges Up Spending
...Dubai’s recently-revealed 2017 budget projects total spending of Dh47.3bn ($12.9bn), up 2.6% from 2016, and a deficit of Dh2.5bn ($681mn), or 0.6% of the emirate’s GDP. The second most important UAE emirate after Abu Dhabi is bucking the trend by edging up spending at a time when other Gulf st...
Volume: 60Issue: 02Published at Fri, 13 Jan 2017 -
World Bank Hikes Iran Growth Forecast But Global Storm Clouds Gather
...l demand growth from 1.2mn b/d to 1.0mn b/d on the back of global economic headwinds. The IEA, in its most recent monthly market report had already pushed back its expectations of global oil market rebalance – that is to say demand catching up with supply – from 3Q 2016 to early 2017 (MEES, 18 De...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016 -
Growth Forecasts - Caveat Emptor
...is caused a MEES double take. Using estimates that evidently predate the latest collapse in oil prices, the Fund gives 2015 Iraqi oil revenue as $59bn (the actual figure was $49bn). It then has revenues rising to $70bn in 2016 and $84bn in 2017. In fact, using current futures prices (the IM...
Volume: 59Issue: 02Published at Fri, 15 Jan 2016