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Saudi Arabia Nets $27.7bn Surplus For 2022
...th a 22% increase to $38.3bn. Further gains are planned for this year, with budgeted capex of $41.9bn up 9.4% on last year’s levels. These capex figures remain well below historic levels. Saudi capex peaked at $85.2bn in 2014 before being slashed as oil prices dropped. But it was still running at $45...
Volume: 66Issue: 11Published at Fri, 17 Mar 2023 -
Opec Set For Bumper Revenues In 2022: Could It Be A Trillion?
...As volatility from the Ukraine conflict roils oil markets, the 13-member Opec group is looking ahead to its highest annual export revenues in eight years for 2022. Even if prices cool slightly from their year-to-date figure, revenues should climb to their highest level since 2014, and if they ri...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
Oil Price Crash Puts Vulnerable Mena Economies At Even Greater Risk
...st – whose economies have never truly recovered from the late 2014 price-downturn – the economic and political implications of a prolonged price depression could be catastrophic. To be sure, the key Gulf monarchies of Saudi Arabia, the UAE, Kuwait and Qatar are robust enough to withstand a short-te...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Kuwait Cuts Its Borrowing Needs With Debut $8bn Bond
...venue will likely prove substantially higher and thus the deficit will likely come in lower, albeit still around $20bn. Even with the latest bond issue, this still leaves a $12bn hole to fill. Kuwait in 2014-15 posted its first budget deficit of KD2.72bn ($8.9bn) following the collapse in oil prices in...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
Oman Presses On With Key Energy Projects Despite Revenue Slump
...om six countries contributed to the Liwa financing (see table). Oman has sought to project an image of ‘business as usual’ on energy projects despite the precipitous 70% fall in oil export earnings from an all-time record of $2.98bn in July 2014 to an implied $753mn in January, when the front-mo...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Kuwait Plans Economic Reforms In Light Of Revenue Collapse
...tributed to the fact that Kuwait is highly dependent on hydrocarbons to drive economic growth and to finance state expenditure, with oil and gas accounting for 90% of total goods exports and roughly 63% of nominal GDP in 2014. Also hydrocarbon revenue accounts to around 77% of total government re...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Egypt Devalues Currency: Will It Bring Stability?
...ars are overdone given that the market is already pricing imported products at the black market exchange rate. Egyptian inflation spiked after July 2014, following major cuts in energy subsidies which led petroleum product prices to soar: by 64% for diesel and kerosene, 88% for 80 Octane gasoline an...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Algeria Cash Collapse
...With the plunge in hydrocarbon prices Algeria’s foreign exchange reserves fell by $35bn to $143bn in 2015 from a peak of $194bn in 2013, the IMF said on 14 March. The cause is not hard to fathom: Algeria’s oil and gas export revenues fell by 41% to $35.7bn in 2015 from $60.3bn in 2014 (ME...
Volume: 59Issue: 11Published at Fri, 18 Mar 2016 -
Iran Slashes 2015-16 Oil Revenue Assumption
...ar beginning 21 March to 25% from the 33% originally mooted and 39% in the 2014-15 budget. This implies oil revenue of $24.1bn, down from $31.0bn in the previous draft. The budget was approved by the Iranian parliament on 3 March but needs the final green light from Iran’s Guardian Council, ch...
Volume: 58Issue: 11Published at Fri, 13 Mar 2015 -
Kuwait Set To Double Budget Surplus
...13-January 2014 Kuwait posted a surplus of KD9.39bn, after allocation to the Reserve Fund for Future Generations (RFFG), already comfortably ahead of the KD4.69bn surplus for the 2012-13 financial year. This is despite average prices for Kuwait’s crude exports having fallen by close to $3/B over the same pe...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
Fitch Ups Saudi Rating
...for a prolonged period of time with lower oil prices, without undermining the fiscal and external positions. Saudi bank NCB, in its latest Saudi Economic Review, says Saudi Arabia’s breakeven oil price is $86.8/B for 2014, up from $81.1/B in 2013. It predicts state sovereign wealth fund SA...
Volume: 57Issue: 11Published at Fri, 14 Mar 2014 -
IMF: Libyan Economy Growing But Challenges Remain
...owth in the non-hydrocarbon sector in 2014. Inflation fell to 6% in 2012 and a further decline is expected in 2013. As for the financial sector the situation began to normalize after most of the UN sanctions that had frozen Libya’s foreign assets were lifted on 16 December 2011. This allowed th...
Volume: 56Issue: 11Published at Fri, 15 Mar 2013