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Qatar Trade Revenues Fall From 2022 High
...Qatar’s exceptional 2022 revenues from record oil and gas prices subsided in 2023 but its $66bn trade surplus was still the second highest since 2014. With a clear path to further hike earnings, Doha has snagged a credit rating upgrade. Like most hydrocarbon producers Qatar made ex...
Volume: 67Issue: 05Published at Fri, 02 Feb 2024 -
Opec Revenues Rise 50% To Eight Year High In 2022
...erged from 2020’s catastrophic Covid depths (see chart 1). Despite the huge back-to-back revenue gains, last year’s Opec export revenues look to have remained below 2014’s levels as the group’s fortunes have yet to fully bounce back from the price slump that began in the second half of that year. It is...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Qatar Export Revenues Fall 30% In 2020
...s current level of 77mn t/y in 2011. The figure is considerably lower than at the height of the collapse precipitated by the oil price slump from late 2014. Then annual revenues bottomed out at $57.3bn in 2016 (see chart 1). However, Qatar has had considerable success in reducing its import tab in...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
IMF Highlights Kuwait’s Economic Troubles
...gher. On the expenditure side, after two-consecutive years of cuts from 2015-16, the figure has once again risen sharply. The 2014-15 figure of $74.3bn remains the highest on record, but that record is budgeted to be equaled this year and next. The IMF is particularly concerned that spending rises in...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Qatar Trade: Surplus Dips In 2019 As LNG Pricing Pressure Augurs Worse To Come
...rms around two-thirds of the ‘Natural Gas, LPG & Condensates’ segment which in turn accounted for 62% of Qatar’s overall 2019 export revenue of $73.1bn (see chart 2). The uptick in hydrocarbon prices in 2018 benefited Qatar greatly, with exports breaking past $80bn for the first time since 2014 (ME...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Qatar Economy Outperforms Budget
...arter’s bumper $1.87bn, which was the highest quarterly figure since 4Q15’s $2.1bn. A budget surplus for 2019 would mark back-to-back surpluses for the first time since oil prices fell in the second-half of 2014. A third consecutive surplus is budgeted for 2020, albeit a mere $100mn (MEES, 20 December 20...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Kuwait Budget Deficit Set To Shrink In 2018-19 As Oil Prices Recover
...d already grown frosty and the nine months 2016 awards were well down on the same period in 2014 ($24bn) and 2015 ($30bn). Of 2017 awards, around $2.2bn (25%) is related to the oil and gas sector, including $850mn to Italy’s Saipem for a 450km feeder crude pipeline to the planned Al Zour re...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Kuwait Budgets For Lower Deficit In 2017-18
...99-2000, Kuwait in 2014-15 posted its first budget deficit of KD2.72bn with the start of the collapse in oil prices in mid-2014, following which the deficit began to grew in the following two years. Mr Salih notes that the projected budget deficit in 2017-18 will be covered from reserves and issues of bo...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Qatar’s Sovereign Wealth Fund Shifts Focus And Gear
...e US has been the favorable changes to tax laws for sovereign investors buying property. Furthermore, in early 2016 ‘qualified foreign pension funds’ were exempted from the Foreign Investment in Real Property Tax Act (1980). Under Shaikh ‘Abd Allah who was appointed CEO in 2014, the fund has de...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Kuwait’s Budget Deficit Set To Soar As Spending Continues Despite Subsidy Cuts
...venue (KD740mn for 2016-17) which is allocated to Kuwait’s ‘Reserve Fund for Future Generations’. For the 2014-15 fiscal year Kuwait posted a deficit of KD2.31bn, the first deficit since 1999-2000. Mr Salih says that as Kuwait has large financial reserves it has yet to feel the full force of the co...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
GCC: More Debt Planned
...With oil prices 70% down on their 2014 peak, GCC member states Saudi Arabia and Bahrain are reported to be considering tapping global markets to make up for loss of oil revenue. Saudi Arabia, which currently enjoys adequate fiscal buffers, is not in a great hurry to hit the bond market. Th...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Syria’s Economic Woes Only Set To Intensify
...oduction in the government-controlled areas in 2014 slumped to 9,329 b/d, the Syrian Minister of Petroleum and Mineral Resources Sulaiman al-‘Abbas announced this week. This output is a mere 2.4% of average production of 385,000 b/d before the start of the uprising in March 2011 (MEES, 8 August 2011). In th...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Lebanon Plans $1Bn Eurobond
...w debt. But latest official statistics show that the budget deficit up to September 2014 fell to $2.23bn, or 21.93% of spending, compared to $3.31bn, or 31.89% of expenditure, in the corresponding period of 2013. A rise in tax revenues and receivables from treasury operations in the first nine mo...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
Kuwait Slashes 2015-16 Budget Expenditure, With Oil Revenue Down 46%
...sterity and rationalization of expenditure, in the wake of the 55%-plus plunge in oil prices since June 2014. But despite the resulting fall in oil revenues, this budget is development-oriented, Finance Minister Anas al-Salih said in a press conference this week, and puts a special emphasis on education, he...
Volume: 58Issue: 05Published at Fri, 30 Jan 2015 -
UN Sees Polarized Performance In Arab Region
...ited Nation’s ESCWA Economic Development and Globalization Division. Speaking at a press conference on 24 January to launch the UN’s The World Economic Situation and Prospects 2014, Mr Dardari, who is also the program’s Chief Economist, said major energy exporters, mainly of the Gulf Cooperation Co...
Volume: 57Issue: 05Published at Fri, 31 Jan 2014