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Pressure Eases As Yemen Secures Long-Awaited Loan
...s budget), falling export volumes have pushed the government to rely on domestic borrowing, swelling the state’s debt. According to latest World Bank estimates, Yemen’s domestic debt increased to 33% of GDP in 2013 from 30% of GDP in 2012, with a further hike to 34.5% on the cards for 2014, while to...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Saudi Set For $28bn 2014 Surplus
...SAUDI ARABIA Having penciled in a balanced budget, Saudi Arabia is set to post a surplus of SR104bn ($27.7bn), or 3.5% of GDP, for 2014, according to local investment bank Jadwa. Jadwa projects 2014 revenue at SR1,174bn ($313bn) and expenditure of SR1,070bn ($285bn), 37% and 25% re...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Oman Export Income Down
...ile oil revenues were down 4.7% to OR2.587bn ($6.73bn) in this period versus 1Q14, gas revenues were up 6.85% to OR 363mn ($940.1mn). Yet despite the drop in overall hydrocarbon revenue, Oman is on target to post a surplus for 2014. The Q1 figures imply total 2014 hydrocarbons revenue of OR...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Jordan: $1bn Eurobond
...th principal and interest (MEES, 13 June). Jordan is set to post a deficit of JD1.114bn ($1.570bn, 4.3% of GDP) for 2014, and has to borrow from domestic and international capital markets. Spending is stretched by Jordan’s hosting of over 1 million Syrian refugees. It is also implementing IM...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Benchmark Crude Prices ($/B)
...OIL PRICES 14-Aug 4 - 8 Aug 28 Jul - 1 Aug Jul-14 Jun-14 Q2 2014 Q1 2014 20...
Volume: 57Issue: 33Published at Fri, 15 Aug 2014 -
Egypt Receivables Hit Record $7.5bn
...EGYPT Egypt’s new authorities have talked a good game on creating an investor-friendly climate by reducing the monies owed to IOCs active in the country. But the numbers tell a different story. Receivables have soared by $1.4bn over the first six months of 2014 to hit $7.5bn, MEES an...
Volume: 57Issue: 32Published at Fri, 08 Aug 2014 -
Oman Retenders Five Exploration Blocks
...ur years earlier. Oman is aiming to boost liquids output to above 950,000 b/d for 2014, and hold production steady at around this level for at least four years (MEES, 7 March). Gas production is slated to reach just shy of 4bn cfd by end-2014, as several gas projects come online over the next six to...
Volume: 57Issue: 32Published at Fri, 08 Aug 2014 -
New Drilling Record For Saudi Arabia, Kuwait, Middle-East & Opec
...REGIONAL MENA Active Drilling Rigs, July 2014* July Br...
Volume: 57Issue: 32Published at Fri, 08 Aug 2014 -
Suez Canal No2 Planned
...r both 2012 and 2013 and $2.63bn for the first six months of 2014 (MEES, 25 July), around 8% of total government revenue. Egypt hopes that the expansion plans will dramatically increase revenues: by 2023 the expanded route could bring in around $13.5bn, a Suez Canal authority official tells Re...
Volume: 57Issue: 32Published at Fri, 08 Aug 2014 -
Iran Lays Giant Condensate Export ‘Refinery’ Bait For Foreign Investors
...ported 95mn liters (almost 20,000 b/d) of Euro-4 gasoline in July. Latest figures from JODI show that Iran’s total gasoline imports averaged just over 20,000 b/d for the year to April 2014, with a peak of 48,000 b/d of imports in February this year (see chart). Iran Gasoline Supply (‘000b/D) Ir...
Volume: 57Issue: 32Published at Fri, 08 Aug 2014 -
Dubai To Spend $15Bn On 20% Capacity Hike By 2021
...UAE Dubai Electricity and Water Authority (DEWA) chief executive Sa’id al-Tayir says DEWA’s capital budget for 2014-18 is Dh55.216bn ($15.03bn). DEWA plans to add three power plants totaling 1.9GW over the next five years raising DEWA’s total capacity by almost 20% to 11.56GW by the end of...
Volume: 57Issue: 32Published at Fri, 08 Aug 2014 -
Iraq: Exports Hold Up As ISIS Advances On Oilfields
...ound Mosul in mid-March. Northern exports averaged just 85,000 b/d for the first half of 2014, a mere 30% of year-ago levels (see table). Iraq’s key southern fields appear under little immediate threat from IS advances, but the jihadists have in the past week had several clashed with KRG fighters. IS ha...
Volume: 57Issue: 32Published at Fri, 08 Aug 2014 -
Confusion Reigns As Iran Denies Russia Oil Deal Reports
...ssian state companies Gazprom and Zarubezhneft have also been keeping a close eye on proceedings, with the latter having a significant presence at Iran’s 2014 Oil and Gas Show in Tehran in May. Zarubezhneft became the first Russian oil company to be awarded a permit to operate in Iran in September last ye...
Volume: 56Issue: 32Published at Fri, 08 Aug 2014 -
IMF: Politics Threatens Lebanon’s Economy
...clude 272MW of diesel-fired capacity installed by Denmark’s BWSC at Zouk and Jiyyah power plants for 2014 start-up (MEES, 19 July 2013), plus a second power barge of 95MW capacity from Turkey’s Karkey Karadeniz (MEES, 12 April 2013). Supplies typically cover only 18 hours per day, with frequent bl...
Volume: 57Issue: 32Published at Fri, 08 Aug 2014 -
Benchmark Crude Prices ($/B)
...OIL PRICES 07 Aug 28 Jul - 1 Aug 21-25 Jul Jul-14 Jun-14 Q2 2014 Q1 2014 20...
Volume: 55Issue: 32Published at Fri, 08 Aug 2014 -
Iran Oil Sales Slide In June, But Still In The ‘Red’
...ne, latest loading data show, down from 255,000 b/d in May. Indian imports of Iranian oil averaged 309,000 b/d over the first five months of 2014. Though both of Iran’s biggest customers cut shipments in June, it failed to mask the goal of both their oil import policies with respect to the Islamic Re...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
Abu Tabul Commissioning To Kick Start Oman Gas Boost
...e block earlier the same year. “OOCEP recognizes the value of this tight gas reservoir, and has adopted a field development plan [FDP] with a target of first production by the third quarter of 2014,” the company said in its latest operational update. “Development of the Abu Tabul tight gas field ha...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
New Gulf Refineries To Make Middle East Major Products Exporter
...rect crude burn is forecast to increase by more than 70,000 b/d through 2020,” says FGE. Already, for May 2014 (the latest month for which official data is available), Saudi crude exports are down by 800,000 b/d year-on-year despite crude production having risen by 50,000 b/d over the same period (ME...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
Gulf States Eye Demand Management But Progress Slow
...mpared with current global thinking. The OECD’s International Energy Agency (IEA) says Middle East governments plan to spend a total $169bn on improving energy efficiency during 2014-35 (MEES, 6 June). Yet the IEA’s recent World Energy Investment Outlook warns that “energy prices are critical to de...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014 -
End Of OPEC’s Revenue Golden Age?
...OPEC OPEC’s Annual Statistical Bulletin (ASB) for 2014 shows its members’ oil export revenue for 2013 falling by 8% or $96bn from 2012’s record numbers. The US government’s Energy Information Administration (EIA) predicts that for 2014 OPEC oil export revenues will fall by a further $50...
Volume: 57Issue: 31Published at Fri, 01 Aug 2014