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Libya Devalues Currency
...18 in a bid to narrow the gap, effectively creating a third rate (MEES, 29 March 2019). Reflecting Libya’s political division, the CBL’s eastern and western branches have operated independently since October 2014. The board’s meeting comes on the back of a recent UN-led peace effort aimed at en...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Saudi Arabia Moves Towards 50:50 Oil, Non-Oil Revenue Split
...so drawing down heavily on its reserves at the central bank (SAMA). Having peaked at $354bn in 2014, these dropped to just $125bn in 2019 and are projected to fall to just $92bn by the end of this year (see chart 3). That implies a substantial Q4 drawdown given that the latest SAMA statistics show go...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Iraq Trims Budget, But Not By Enough
...ving fallen below $30/B. Iraq’s economy has been hammered by the twin shocks of the ongoing conflict with Islamic State and the oil-price crash. Oil revenues constitute the majority of government income, and MEES figures show these crashing to $50.4bn in 2015, down from $84.3bn in 2014 and the lo...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Egypt Secures $1bn Funding For Gas-Fired power, $500mn For Energy Reforms
...rn natural gas normally and fuel oil during gas shortages. Egypt currently has 20.5GW of mainly gas-fired capacity under development, as EEHC looks to keep ahead of surging electricity demand. This year’s peak load reached 29.1GW, while installed generating capacity at the end of 2014 was 31...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015 -
Egypt Scraps Plan To End Energy Subsidies
...e time of last year’s announcement – says that the government now plans to keep subsidies at 30% of their July 2014 values indefinitely. Speaking in Cairo this week, Mr Isma’il said that circumstances have changed with lower global oil prices and the discovery by Eni of the massive 30 tcf Zohr of...
Volume: 58Issue: 51Published at Fri, 18 Dec 2015