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Iraq Fights For Survival Amid Growing Pressure To Slash Oil Output
...severe underinvestment. Iraq is certainly in dire need of revenues, and as last year’s protests showed, the state of social services is a life-or-death matter (MEES, 8 November 2019). On the other hand, Iraq’s situation did improve considerably over 2017-19, with oil revenues up and the Is...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
New Iraqi Oil Minister Inherits A Sector In Flux
...mense challenges facing the country. 46-year-old Ihsan Ismaael takes over as Oil Minister replacing the veteran Thamir Ghadhban, and looks to be a strong choice to oversee Iraq’s all-important oil and gas industry. As former Basra Oil Company (BOC) Director General (2017-2020), Mr Ismaael was a cl...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
China Bags Record Imports With Saudi Surge
...raight months of zero loadings, some 340,000 tons (five cargoes) sailed for China in March, rising to 472,000 tons (seven cargoes) in April, with the latter level with the previous record set in October 2017. Indeed, China was the top overall destination for US LNG exports in April for the first time si...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
Saudi Oil Exports Back On Top
...opping to 7.29mn b/d, the lowest since 2017. It seems likely that the deep June production cuts Saudi Arabia is implementing will push the kingdom’s exports below the US this month, but over the course of Q2 as a whole Saudi Arabia ought to easily stay ahead of the chasing pack. SAUDI ARABIA OV...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
World Bank Forecasts 2020 GDP Collapse: World -5.2%; Saudi -3.8%; Iraq -9.7%
...th -6.3% growth. Should these forecasts come to pass then Beirut will be left by end-2021 controlling an economy some 23% smaller in real terms than it had in 2017. The World Bank acknowledges that though it is forecasting a return to growth almost across the board for 2021 (it forecasts +4.2% for th...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020 -
Egypt Inks New IMF Program, Hikes Power Prices
...TERNATIONAL RESERVES DOWN ALMOST $10BN (21%) OVER LAST THREE MONTHS TO LOWEST SINCE 2017 ($BN) SOURCE: CBE. SUBSIDY EXTENSION Although subsidies on oil products have been largely removed, with Cairo implementing an automatic pricing mechanism since September last year, the pl...
Volume: 63Issue: 24Published at Fri, 12 Jun 2020