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Iraq Posts Record Revenues Amid Fast-Changing Market
...spite oil prices this year still not quite setting new records underlines the extent to which Iraq managed to increase output capacity since the previous high-price cycle ended in 2014. Iraq crude oil production averaged 3.33mn b/d in 2014, and even with Opec+ cuts remaining in force up until th...
Volume: 65Issue: 27Published at Fri, 08 Jul 2022 -
Egypt Indicators Show Recovery Is Gathering Pace
...arter of 2016. It has since risen steadily with Q1-3 2017-18 revenue of $7.25bn up 155% year-on-year. The Suez Canal, another source of much needed income for Cairo, also saw revenue dip in 2016, to $5.005bn versus 2014’s record $5.465bn. But the growth in shipments of US oil and LNG to Asia has pr...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Saudi’s Economy Gets Boost From MSCI Announcement
...uld put Saudi Arabia in the top 10 emerging markets, according to EFG Hermes. The other Mena markets included in the MSCI index are Qatar and the UAE, which were upgraded to EM status in 2014, as well as Egypt. Along with improved liquidity, valuations and stock prices on the Tadawul, Saudi’s in...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Morocco Faces Socioeconomic Headwinds As Deficit Overshoots, Growth Slows
...16, down from $628mn in 2015 and a record $1.381bn in 2014 (though the price of gas shipments is oil-linked this linkage is delayed). These economic headwinds will make it more difficult for Morocco to tackle the youth unemployment (22.5% of the labor force in 2016, up from 20.8% in 2015 according to...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Iran: Payments Start Flowing But Fear Factor Remains
...ese were tightened further in 2011 which led its roughly $420bn economy to shrink by about 9% in the two-year period that ended in March 2014, according to the IMF. From then until January 2016, when sanctions were broadly lifted in return for nuclear curbs, Iran’s ability to continue trading oil pr...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Kuwait Eyes Short Term $17bn Debt Market Boost; Longer-Term Reform Is Needed
...self was more than twice the KD2.31bn Kuwait ran up in 2014-15, its first deficit since 1999-2000. Last year’s deficit was considerably less than the KD8.18bn deficit it expected to run as recently as February, despite Kuwait’s main crude export stream averaging less than the budgeted price. Mr Sa...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016 -
Oman Budget Deficit Soars For 2014, Could Quadruple This Year
...OMAN Oman Budget Deficit Soars For 2014, Could Quadruple This Year Oman has posted a budget deficit of $2.75bn, 3.4% of GDP, for 2014, up more than 11-fold on 2013. With oil prices so far this year averaging $18/B below the $75/B on which the 2015 budget is based, the deficit could ba...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015 -
Jordan Taps Bond Market, But Syria Conflict Weighs
...arantee principal and interest on Jordanian sovereign bonds. The first was inked in 2013 for a bond of up to $1.25bn, the second in 2014 for up to $1bn, and the third in 2015 for up to $1.5bn (MEES, 5 June). When the third agreement was signed, the US said the guarantee is part of a broader US commitment to...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015 -
Saudi Savings Fall
...ril and $66bn (9%) from their August 2014 peak of $746bn. With the kingdom’s (and Opec’s) policy of maximizing market share rather than cutting output to support prices, Saudi Arabia’s oil revenue is likely to remain at relatively-subdued levels for some time to come. And while the Saudi go...
Volume: 58Issue: 27Published at Fri, 03 Jul 2015 -
Egypt’s 2014-15 Budget Slashes Energy Subsidies, Deficit
...EGYPT Cairo aims to reduce its budget deficit for the 2014-15 fiscal year by more than originally envisaged, necessitating spending cuts that will largely come from curbing energy subsidies that have crippled government finances. The cabinet this week signed off a final budget with a de...
Volume: 57Issue: 27Published at Fri, 04 Jul 2014 -
Jordan Hit By Syrian Overspill, Moody’s Downgrades Two Notches
...12, compared to an average deficit of 4.6% of GDP over the period 2005 to 2008. But the ratings agency expects an improvement in the deficit in 2013 and 2014, which is to remain high at over 5% of GDP and is “highly dependent on a successful fiscal-consolidation strategy.” *An acceleration in...
Volume: 56Issue: 27Published at Fri, 05 Jul 2013