Bahrain Takes $300mn Oil Revenue Hit From Abu Safah Outage

...oduction edged up to a record 2.08bn cfd in 2017, beating 2015’s previous high of 2.06bn cfd. However, gas re-injection rose 6% to a new high of 600mn cfd, reducing the volumes of sales gas to 1.47bn cfd – below 2014’s 1.50bn cfd record. That gas reinjection levels rose to a new high despite a no...

Egypt Inches Towards Paying Off Receivables Bill

...ll in late 2014 when it halved dues to $3.1bn on the back of borrowed cash (MEES, 5 December 2014). EGPC has pledged to pay off receivables by mid-2019. VICIOUS CIRCLE EGPC can point to the sums it is owed by other ministries as a reason it has fallen so far behind with payments. As of late 20...

Mena Remittances Up 10% In 2017

...Remittances are a crucial lifeline to the region’s cash-strapped oil importing economies. Thanks largely to Cairo’s floatation of the Egyptian Pound in late 2016, Mena remittance inflows topped $56bn in 2017 after having fallen year-on-year since 2014. Egyptian inflows hit $20bn ac...

Tunisia Looks To The Sun To Cut Dependence On Algerian Gas

...ongside seven straight years of falling output since the 2010 peak of 310mn cfd. Initially this fall was due to instability and bureaucratic inertia in the wake of the country’s 2011 revolution, with the slump in oil prices since late 2014 providing a second blow to investment as IOCs slashed capex (MEES, 23...

Iran’s Banking Sector: Dark Days Loom

...sperately trying to repair their books after offering deposit rates as high as 22% back in 2014 before the oil price crashed later that year. (A substantial premium over inflation which was around 15%.) Oil revenue collapsed from $57.3bn in 2014 to $27.3bn in 2015. But the real damage was done after the ti...

Sama Net Foreign Assets ($Bn)

...SAUDI FOREIGN RESERVES ROSE ABOVE $500BN FOR FIRST TIME IN A YEAR AT END OF APRIL...   ...WITH THE RECENT REBOUND COMING AS PRiCES FOR ARAB LIGHT HIT $69/B, the HIGHEST SINCE 2014 SOURCE: SAMA, MEES....

Suez Canal Revenues Rise To $479mn In April, Highest Since 2014, As Gross Tonnage Hits Record 86.3mn