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Saudi Oil Export Revenues Down 40% For 2020
...oking ahead to 2021 as a whole, a relatively conservative estimate would peg oil export revenues at slightly more than $150bn, putting them broadly in line with 2015 levels. However, 2017’s $170.2bn remains an attainable target, which if achieved would greatly ease the financial pressure on Saudi Aramco as...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Egypt Launches ‘Wealth Fund’, Awaits Wealth
...untry’s oil output is more likely to fall than rise over the coming years (see p5). Egypt posted a deficit of E£186.7bn ($10.4bn) for the first six months of the 2018-19 financial year (July-December 2018), more or less unchanged from the E£187.3bn ($10.6bn) for the first half of the previous 2017-18 fi...
Volume: 62Issue: 10Published at Fri, 08 Mar 2019 -
Saudi: Major 2017 Oil Revenue Gains, But Non-Oil Disappoints
...Saudi Arabia strengthened its trade balance in 2017 with its surplus more than doubling to $95bn. Healthier oil prices more than offset lower export volumes, boosting export revenues, but the government’s efforts to invigorate the non-oil sector continue to fall flat. Saudi Arabia has be...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Saudi Arabia Starts Year Of Heavy Borrowing
...Saudi is gearing up for another year of heavy borrowing on the back of record 2016-17 fundraising (MEES, 29 September 2017) as it seeks to kickstart its economy. It’s starting with refinancing a $10bn international loan raised in 2016. The original loan, for five years, was Saudi Arabia’s fi...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
UK Pledges Funds For Reconstruction Of Iraq’s IS-Ravaged Areas
...cember and January totaled $10.1bn, nearly twice the amount of the same period 12 months previously. Iraq’s 2017 budget projects a budget deficit of $18.4bn, though a conservative assumed oil price of $42/B means that a lower deficit of perhaps $11bn is more likely (MEES, 3 March). But though Iraq’s fi...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Oman Raises $5bn In Bumper Bond, Kickstarts 2017 GCC Issues
...Oman raised $5bn from a 1 March international bond issue which was four times oversubscribed. As such it is close to completing its entire foreign borrowing plan for 2017 necessary to cover its expected budget deficit. The issue consisted of three tranches: a five-year tranche of $1bn at...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Saudi Arabia Eyes International Loan But Risks Credit Downgrade
...llows Moody’s recent decision to lower its price assumptions for Brent to $33/B for 2016, $38/B for 2017 and $48/B for 2019. The agency now “expects [prices] to remain low for several years.” Moody’s says that it expects to complete these reviews “within two months,” ie by early May. The review pe...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016 -
Iran Could Face Major Banking Crisis Post-Sanctions
...rch 2017. The new five-year plan will then start, by when the government expects its financial positon to have improved after the lifting of sanctions. While no reason was given for the delay in launching the new plan, the delay gives the Rohani administration more time to review the outcome of the cu...
Volume: 59Issue: 10Published at Fri, 11 Mar 2016