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Saudi Oil Export Revenues Hit Three-Month High In June
...orage hub at Egypt’s Sidi Kerir for onwards export) averaged 325,000 b/d last quarter according to Kpler, the highest such figure in records back to 2017. This helped drive an increase in total export revenues from European sales in Q2 to $9.9bn, the highest quarterly figure since the same period la...
Volume: 68Issue: 35Published at Fri, 29 Aug 2025 -
Oman: Fitch Upgrade
...scat is looking to streamline its debt portfolio having “prepaid the remainder of the pre-export financing facility taken out in 2017 ($1.3bn) and repaid a maturing $3.6bn loan from China.” The Fitch upgrade follows that of S&P which upgraded Oman to ‘BB’ with a stable outlook in April 2022. ...
Volume: 65Issue: 33Published at Fri, 19 Aug 2022 -
Oman’s Economy Rebounds With $2bn 1H Surplus
...ndensate’s exemption from Opec+ cuts since January 2020 (MEES, 6 December 2019). GAS AMBITIONS Ç And condensate output is set to continue to rise over the longer term given the sultanate’s focus on developing gas/condensate plays. The 2017 start-up of BP’s 1bn cfd Khazzan tight gas project re...
Volume: 65Issue: 32Published at Fri, 12 Aug 2022 -
Saudi Budget Surplus Tops $20bn
...Saudi Budget Surplus Tops $20bn Freshly released Ministry of Finance figures show that Saudi Arabia posted a $20.8bn surplus in Q2 – by far the highest figure since the ministry began releasing quarterly figures in 2017. Revenues were up across the board, rising by nearly $25bn to $98...
Volume: 65Issue: 31Published at Fri, 05 Aug 2022 -
Libya Oil Revenues Soar But Still Short Of Central Bank Target
...VENUES* AT $11.6BN IN THE FIRST SEVEN MONTHS OF 2021 ARE ALREADY DOUBLE THE FULL YEAR 2020 FIGURE OF $5.9BN *CBL 'OIL REVENUE' NUMBERS USED BETWEEN 2011 AND 2017 DUE TO ABSENCE OF NOC DATA. ^INCLUDES GAS EXPORT REVENUE, PRODUCTS SALES. ^^INCLUDES SMALL VOLUMES OF CONDENSATE. SOURCE: OPEC ASB, CB...
Volume: 64Issue: 34Published at Fri, 27 Aug 2021 -
Qatar Exports To GCC At Multi-Year High
...the embargo, and only reluctantly agreed to end it, Qatari exports to the emirates were never halted and continued at around $250-400mn each quarter due to the UAE’s dependence on piped Qatari gas (see chart 1). Now, exports to the UAE have topped $1bn for the first time since 1Q 2017 – the la...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Qatar Export Revenues Soar To Highest Level Since 2018
...tal exports. Total gas export volumes this year are running at their highest level since 2017. The latest Jodi statistics show that Qatar has exported 57.18 bcm over the first five months of the year, equating to an average of 15.3bn cfd (see chart 2). Piped gas through the Dolphin pipeline to the UA...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Iraqi Oil Revenues At Highest Since 2019: Is This Enough To Stabilize The Economy?
...nuary 2017 providing a boost to prices, reserves gradually recovered to hold at more than $65bn in 2019, before dropping sharply in 2020 amid the Covid-19 pandemic. However, the low-point in this cycle was a more modest $55.1bn in November. In addition to currency devaluation, which Mr Allawi re...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Kuwait Faces Cash Crunch As Oil Crisis Bites
...ere is a high turnover of governments. One key piece of legislation which the government has tried and failed to get through parliament in recent years is a new debt law (MEES, 16 June 2017). Until this is passed, Kuwait is unable to emulate fellow GCC states and borrow in order to meet the budget de...
Volume: 63Issue: 34Published at Fri, 21 Aug 2020 -
Saudi First Half Export Revenues Slump $6bn
...surprisingly therefore, oil revenues have fallen accordingly (see chart 2). They threaten to fall below $50bn/quarter for the first time since late 2017. The latest trade stats also further highlight the government’s struggles to end Saudi Arabia’s “addiction to oil” as Crown Prince Mohammad pledged in 20...
Volume: 62Issue: 35Published at Fri, 30 Aug 2019 -
Kuwait Slashes 2018-19 Deficit Thanks To Higher Oil Prices
...port Blend crude averaged $68.6/B over the year to March 2019, up almost $14/B from the 2017-18 average of $54.7/B. As a result, oil revenues rose 29% to $60.8bn. Oil revenues were some 38% higher than the budgeted $44bn figure which was based on a conservative $50/B oil price assumption (see ta...
Volume: 62Issue: 33Published at Fri, 16 Aug 2019 -
Saudi Arabia Slashes Budget Deficit In 1H 2019
...rtails its capital spending programs. Real GDP growth is forecast by the IMF to fall to 1.7% this year from 2.2% for 2018 and a 0.7% contraction for 2017. Revenue was $135bn for 1H 2019, up 15% year-on-year. The key element was unsurprisingly oil revenue, which rose by 15% to $92bn, 68% of the total. Th...
Volume: 62Issue: 32Published at Fri, 09 Aug 2019 -
Algeria Halves Trade Deficit, Thanks To Higher Oil Prices
...): DEFICIT ON TRACK TO FALL TO $4.2BN FOR 2018 BUT OIL & GAS DEPENDENCE STILL WELL OVER 90% F =FORECAST. PRESUMES OIL PRICES IN LINE WITH CURRENT LEVELS FOR REMAINDER OF 2018. R=REVISED FROM PREVIOUSLY PUBLISHED FIGURES. *GAS EXPORT FIGURES ARE FOR 1H 2018, 2017, OIL EXPORTS FOR JAN-APR. **CH...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Iran: Rohani Under Fire As Economic Pressure Mounts
...Seif, is again being made the scapegoat for Iran’s economic ills, in a country where key economic policy decisions are known to be taken at the highest level by the political and religious hierarchy. Since December 2017, public anger over living costs, unemployment and corruption have triggered sp...
Volume: 61Issue: 35Published at Fri, 31 Aug 2018 -
Record Products Sales And VAT Bolster Saudi Economy
...ar. The narrowing budget deficit came despite Riyadh following through with its pledged spending spree (MEES, 22 December 2017). The $75bn Q2 outlay was $19bn more than 2Q 2017, although still well below 4Q 2017’s $96bn. Overall, the kingdom ran an $11.1bn deficit over the first half of 2018 pu...
Volume: 61Issue: 34Published at Fri, 24 Aug 2018 -
Oman: Oil Prices Bolster Economy, For Now
...om a nearly balanced budget in 2013 to consecutive deficits of $12.03bn, $13.76bn, and $9.76bn from 2015 to 2017. This saw Oman’s public debt balloon from $3.96bn at end-2014 to $28.96bn at end-2017. And while this equates to only about 40% of GDP (the equivalent of, say, Sweden or Australia), in...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Oman Hits Record Gas Output In July
...rst seven months of 2018 . 2018 is likely to break records for the sultanate’s gas sector, with total ‘production’ on track to hit 45.24bcm compared with 40.91bcm in 2017, a solid 10.5% increase. Oman does not give production figures because the National Centre for Statistics and Information in...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Qatar: $15bn For Turkey
...erican pastor Andrew Brunson. Ankara responded with tariffs of its own on cars, cigarettes and alcohol. Qatar’s pledge is scant on details: Qatar, which benefitted from Turkey’s support during the June-2017 economic blockade (MEES, 9 June 2017), already promised to invest up to $20bn into the Turkish ec...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
US Slaps Back Iran Sanctions, With More To Come
...emselves more risk-averse. South Korea, Iran’s third largest buyer of crude and condensate in 2017 with 361,000 b/d, halted oil imports in July (MEES, 3 August), whilst Japanese imports fell to 130,000 b/d in Q2 from 190,000 b/d in Q1. Key EU buyers Italy and France have also been cutting volumes, th...
Volume: 61Issue: 32Published at Fri, 10 Aug 2018 -
Qatar Export Revenues Hit Three-Year High Despite Continued Embargo
...position in June 2017 (MEES, 9 June 2017). Internationally flagged vessels can still load up with cargoes from Qatar’s oil and gas terminals before calling on ports from embargoing nations – such as Saudi Arabia’s Ras Tanura or the UAE’s Das Island. Moreover, Qatari vessels can easily refuel at Oman’s So...
Volume: 61Issue: 31Published at Fri, 03 Aug 2018