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Qatar Records Fourth Consecutive Budget Surplus For 2024
...20 AND THE LARGEST SINCE 2017 ($BN) *APRIL-MARCH FINANCIAL YEAR UNTIL 2016. SOURCE: MOF, MEES. 2: STATE SPENDING ON PUBLIC SECTOR SALARIES IN QATAR SURPASSED CAPEX FOR THE FIRST TIME IN 2024 ($BN) Graph *APRIL-MARCH FINANCIAL YEAR UNTIL 2016. SOURCE: MOF, MEES....
Volume: 68Issue: 06Published at Fri, 07 Feb 2025 -
Kuwait’s KPC Suffers Steep Budget Cuts
...e third GCC member of Opec is on an altogether different path. Kuwait’s production capacity has been shrinking in recent years. State firm KOC, which is responsible for the bulk of Kuwait’s upstream operations, saw capacity decline from 3.15mn b/d for 2017/18 to 2.63mn b/d in 2020/21 (financial ye...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Kuwait Plans ‘Extraordinary’ $87bn Budget For 2023-24
...6.83bn ($22.5bn). Still, absent a huge oil price shock, Kuwait still looks set to generate a sizable deficit next year. Financing the deficit will remain a challenge for Kuwait, which has been unable to raise debt since 2017 as parliament has repeatedly blocked a new debt law. TAPPING STATE EN...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Egypt 2020-21 Fundraising Boosted By $3.75bn Bond
...$7bn for 2016-17 and 2019-20 and $6.5bn for 2017-18 and 2018-19, in order to plug its financing needs (see chart 2). Despite its successful exit from the fund’s three year program in 2019 (MEES, 21 June 2019), the pandemic has exacerbated the country’s financial plight and MEES understands Egypt wi...
Volume: 64Issue: 06Published at Fri, 12 Feb 2021 -
Algeria’s Sonatrach: New CEO, Same Old Challenges
...e jury is still out on whether a reduced tax take of around 20 percentage points will be enough to catch the attention of IOC cash (MEES, 10 January). 1: IN AMENAS OUTPUT HAS GRADUALLY FALLEN SINCE A LATE 2016 COMPRESSION PROJECT HELPED BOOST 2017 PRODUCTION TO AN 8.4BCM RECORD SOURCE: EQ...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
Europe’s Iran Payments Mechanism: Too Little, Far Too Late?
...vember-December nadir of 800,000 b/d, but it is difficult to imagine the total hitting much more than half of the 2.64mn b/d 2017 volumes (MEES, 25 January). IRAN: INTERNAL DIVISIONS Whilst there appears little chance of Instex taking off anytime soon, its launch has shone a light on...
Volume: 62Issue: 06Published at Fri, 08 Feb 2019 -
Will 2018 Be Year Of Recovery For Egypt Independents?
...vestment. Egypt oil output slumped to a 35-year low of 629,000 b/d in 2017, with output from the Gulf of Suez, where smaller firms predominate, falling even more rapidly (see charts and MEES, 1 December 2017). Signs that 2018 will see an uptick in spending come from capex plans of Canadian-listed Gulf of...
Volume: 61Issue: 06Published at Fri, 09 Feb 2018 -
Iran’s Banking Reforms Delayed By Government Bickering
....6bn in August 2013. The cabinet in January approved the allocation of $3.8bn from the CBI’s surplus assets to reduce the government debts to a number of banks. Meanwhile the CBI has ordered all banks to draw up annual financial statements by 20 March 2017 in accordance with International Financial Re...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Dubai Seeks $3bn Airports Loan
...sorting to borrowing to ensure that key projects keep moving. The emirate’s 2017 budget projects a small deficit of $681mn, or 0.6% of Dubai’s GDP, unlike previous years of balanced budgets (MEES, 13 January). Dubai is pressing on with plans to boost its already flourishing tourism sector by aiming to at...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Qatar: No Need For New Bonds
...Qatar may not need to issue an international bond in 2017 as pressure on the emirate’s state finances is easing, Finance Minister Sharif al-‘Imadi said this week. The minister added that with oil prices “close to breakeven levels,” though a new bond issue remains an option for 2017, no de...
Volume: 60Issue: 06Published at Fri, 10 Feb 2017 -
Morocco: QP Boost
...15: Chevron has had zero Mena output for the past nine months. Chevron says it hopes the spat between the two GCC allies that has cut PNZ output to zero will be resolved with output restarting “by 2017” (MEES, 6 November, 2015). ...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016