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KRG Finances Remain Precarious Despite Export Revenue Boost
...arters of 2021 will doubtless have been markedly higher than in late 2020. EXPORTS ON THE RISE KRG crude exports from Ceyhan in 1Q 2020 averaged 465,000 b/d, their highest figure since Erbil lost control over most of Kirkuk’s producing fields to the federal government in October 2017 (MEES, 20 Oc...
Volume: 64Issue: 26Published at Fri, 02 Jul 2021 -
Algeria Calls Time On Quantitative Easing
...non-conventional financing is over” confirming a policy shift indicated by the Bank of Algeria in a 1 April research note. This said, the program, initiated in September 2017(MEES, 15 September 2017) was “unjustified right from the start” with “conventional financial means yet to reach their li...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Egypt’s Freshly-Minted 2019-20 Budget Promises More Subsidy Cuts
...gins on 1 July. Key to Cairo’s economic plans are further cuts to spending on oil product subsidies. Latest official forecasts peg such spending at E£90bn ($5.1bn) for the 2018-19 financial year (ending 30 June), down 25% from 2017-18 and less than a third of the record $18.6bn spend seen in 20...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Qatar & Turkey: Brothers In Arms?
...The June 2017 Qatar embargo threw a spotlight on the deepening Doha-Ankara relationship. But trade volumes are modest, and the most ambitious contract to-date is a murky $5.2bn energy sector deal which raises more questions than answers. The 24 June re-election of Turkish President Recep Ta...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Kuwait Trade Surplus Falls In Q1
...Kuwait recorded a $5.3bn trade surplus in the first quarter of 2017, up $4bn on the same period in 2016. But as this is primarily down to oil revenues of $12bn, falling crude prices in Q2 imply an imminent drop-off. At $12.1bn, oil revenues represented 89% of total exports in Q1 (see ta...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Cairo Fuel Price Hike
...bsidy spend figure assumptions for both the 2016-17 and 2017-18 budgets (MEES, 9 June). The latest figure given by Mr Ismail for the still-not-approved 2017-18 budget (for the year beginning 1 July) was E£145bn on 6 June. But following this latest round of fuel price increases the expected 2017-18 fu...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Algeria: Deficit Down As IMF Warns On Over-Zealous Consolidation Plans
...venues rose by 43% ($4.5bn) to $14.9bn for the first five months of 2017 (see table). But strong oil price gains in early 2017 have since partly been reversed (see p16). Prices for Saharan Blend averaged around $47.5/B in June, in line with Brent, the futures curve for which is currently averaging ju...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Oman’s PDO Bags $4bn Loan To Facilitate Bumper $20bn Upstream Plans
...bt service will rise from 30% of revenue last year, to 41% this year and 55% in 2017. MOODY'S GCC SOVEREIGN CREDIT RATINGS - 14 MAY DOWNGRADES Rating (outlook) was chg notes Saudi Arabia A1 (stable) Aa3 (st...
Volume: 59Issue: 26Published at Fri, 01 Jul 2016 -
Qatar Stares Deficit In The Face
...pt at currently-planned levels then in light of reduced oil and gas revenue, Qatar could post a fiscal deficit of 4.9% and 3.7% of nominal GDP in 2016 and 2017 respectively if lower oil prices persist, it added. For 2015 the latest QEO predicts a fiscal surplus of 1.4%, well down on the 8.7% surplus fo...
Volume: 58Issue: 26Published at Fri, 26 Jun 2015 -
Firm Oil Prices And Capital Inflows Boost UAE Growth, Says IMF
...bai’s GREs increased their debt over the last year to an estimated $93bn, up from $84bn in March 2012, of which about $60bn falls due between 2013 and 2017. This included GREs which are operating on a commercial basis and borrow on their own credit strength. It further points out that while GR...
Volume: 56Issue: 26Published at Fri, 28 Jun 2013