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Qatar Trade Revenues Fall From 2022 High
...Qatar’s exceptional 2022 revenues from record oil and gas prices subsided in 2023 but its $66bn trade surplus was still the second highest since 2014. With a clear path to further hike earnings, Doha has snagged a credit rating upgrade. Like most hydrocarbon producers Qatar made ex...
Volume: 67Issue: 05Published at Fri, 02 Feb 2024 -
Opec Revenues Rise 50% To Eight Year High In 2022
...erged from 2020’s catastrophic Covid depths (see chart 1). Despite the huge back-to-back revenue gains, last year’s Opec export revenues look to have remained below 2014’s levels as the group’s fortunes have yet to fully bounce back from the price slump that began in the second half of that year. It is...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Aramco Royalty Rate Set To Soar If Brent Tops $100
...That Saudi Arabia’s finances are benefiting from higher oil prices is a given. But Aramco’s floating royalty rate means that the government stands to profit immeasurably should Brent top $100/B for the first time since September 2014. As oil prices rise well beyond $90/B and near-term pr...
Volume: 65Issue: 06Published at Fri, 11 Feb 2022 -
Qatar Export Revenues Fall 30% In 2020
...s current level of 77mn t/y in 2011. The figure is considerably lower than at the height of the collapse precipitated by the oil price slump from late 2014. Then annual revenues bottomed out at $57.3bn in 2016 (see chart 1). However, Qatar has had considerable success in reducing its import tab in...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Algeria’s Sonatrach: New CEO, Same Old Challenges
...UINOR, MEES CALCULATIONS. 2: ALGERIA'S OIL & GAS REVENUES HAVE SLUMPED SINCE THE 2014 CRASH IN OIL PRICES BUT STILL MAKE UP NEAR-40% OF OVERALL BUDGET REVENUES SOURCE: IMF, ALGERIA FINANCE MINISTRY, MEES. 3: ALGERIA'S GAS EXPORTS (BCM) ARE LOWEST SINCE 1995, WHILE OUTPUT HAS SL...
Volume: 63Issue: 06Published at Fri, 07 Feb 2020 -
IMF Slams GCC
...d have yet to “fully recover” from the 2014 slump in oil prices. Average public debt for Mena oil exporters soared from 13% of GDP in 2013 to 33% for 2018; for oil importers the figure is 85%, Ms Lagarde says. “Fiscal deficits are only slowly declining despite significant reforms on both the sp...
Volume: 62Issue: 07Published at Fri, 15 Feb 2019 -
Will 2018 Be A Boon Year For Middle Eastern IPOs?
...The Middle East IPO market dried up after oil prices fell in H2 2014. But the urgent need to generate new revenue means the sustained oil price slump is now the key driver of energy sector privatization plans across the region. After several torrid years, the Middle East IPO market st...
Volume: 61Issue: 07Published at Fri, 16 Feb 2018 -
Kuwait Budget Deficit Set To Shrink In 2018-19 As Oil Prices Recover
...d already grown frosty and the nine months 2016 awards were well down on the same period in 2014 ($24bn) and 2015 ($30bn). Of 2017 awards, around $2.2bn (25%) is related to the oil and gas sector, including $850mn to Italy’s Saipem for a 450km feeder crude pipeline to the planned Al Zour re...
Volume: 61Issue: 05Published at Fri, 02 Feb 2018 -
Kuwait Budgets For Lower Deficit In 2017-18
...99-2000, Kuwait in 2014-15 posted its first budget deficit of KD2.72bn with the start of the collapse in oil prices in mid-2014, following which the deficit began to grew in the following two years. Mr Salih notes that the projected budget deficit in 2017-18 will be covered from reserves and issues of bo...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
Qatar’s Sovereign Wealth Fund Shifts Focus And Gear
...e US has been the favorable changes to tax laws for sovereign investors buying property. Furthermore, in early 2016 ‘qualified foreign pension funds’ were exempted from the Foreign Investment in Real Property Tax Act (1980). Under Shaikh ‘Abd Allah who was appointed CEO in 2014, the fund has de...
Volume: 60Issue: 05Published at Fri, 03 Feb 2017 -
S&P Downgrades GCC Ratings On Back Of Tumbling Oil Prices
...AN: GDP CRUNCH S&P lowered its long- and short-term foreign and local currency sovereign credit ratings on Oman to BBB- from BBB+, indicating moderate risk. The agency projects that the Sultanate’s “GDP per capita will fall to $14,600 in 2016 from $20,500 in 2014, while the annual average increase in...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Iran Sets Out FDI Strategy As Foreign Cash Starts To Trickle In
...urced from abroad, given the crash in oil prices. Revenue from Iran’s petrochemical exports is second only to oil export revenue. State-owned National Petrochemical Company (NPC) expects to steadily raise output of petrochemical products, from 44mn tons for 2014-15, to 47mn tons in the current Ir...
Volume: 59Issue: 07Published at Fri, 19 Feb 2016 -
Morocco: QP Boost
...major’s share to 45%. Moroccan state Onhym retains 25%. Chevron signed up to explore the three virgin blocks in early 2013 (MEES, 1 February 2013). It undertook 2D seismic in 2014 and 3D last year. Chevron’s entry – the first major in the Moroccan offshore – was followed by BP (MEES, 18 Oc...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Egypt: Is Gulf Cash Enough To Counter Gas Collapse?
...ough since the first half of last year, standing at $1.1bn, with $900mn overdue at the end of 2015. The number has risen since the end of 2014, when it stood at $920mn. Total receivables were $3bn at end-2015, according to official Egyptian figures, up from $2.7bn at the end of October. The firm ha...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
The $100bn-Plus Cost Of Syria’s Civil War
...bn. This is almost as large as Syria’s pre-war GDP, the Bank notes in its latest Mena Quarterly Economic Brief. In addition, damage caused by the war to the “capital stock” in Syria between 2011 and 2014 was estimated at $72bn, the World Bank said, quoting a report by the local Syria Center for Po...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Saudi Deficit Financing ‘Straightforward,’ For Now
...x). Indeed, if SAMA’s reserves continue to be drawn down at the $120bn rate they were in 2014 they will be exhausted by the end of 2020. According to the 2016 budget decree, foreign borrowing options are also considered in order to avoid crowding out credit to the private sector. The in...
Volume: 59Issue: 06Published at Fri, 12 Feb 2016 -
Kuwait’s Budget Deficit Set To Soar As Spending Continues Despite Subsidy Cuts
...venue (KD740mn for 2016-17) which is allocated to Kuwait’s ‘Reserve Fund for Future Generations’. For the 2014-15 fiscal year Kuwait posted a deficit of KD2.31bn, the first deficit since 1999-2000. Mr Salih says that as Kuwait has large financial reserves it has yet to feel the full force of the co...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
GCC: More Debt Planned
...With oil prices 70% down on their 2014 peak, GCC member states Saudi Arabia and Bahrain are reported to be considering tapping global markets to make up for loss of oil revenue. Saudi Arabia, which currently enjoys adequate fiscal buffers, is not in a great hurry to hit the bond market. Th...
Volume: 59Issue: 05Published at Fri, 05 Feb 2016 -
Syria’s Economic Hardships Intensify With Fuel Shortage
...ude production from the government-controlled areas slumped to 9,325 b/d in 2014, or a mere 2.4% of 385,000 b/d output before the start of uprising in March 2011. Syria’s imports of crude oil in the first nine months of 2014 were estimated at 124,600 b/d, according to The Syria Report. The tiny oi...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015 -
Egypt’s Qalaa Raises Capital
...th majority stakes in its core infrastructure and industrial investments. In 2014 Qalaa raised its capital to E£8bn ($1.05bn) from E£3.64bn ($478mn). According to Qalaa’s chairman Ahmad Heikal, the time is right to complete the company’s transformation through the acquisition of additional stakes in...
Volume: 58Issue: 09Published at Fri, 27 Feb 2015