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Oman At The Crossroads As New Sultan Takes The Reins
...owing to a record $39.4bn in 2014. At the time, all was well and good: $100/B+ oil filled state coffers, covering additional spending and keeping Oman’s public debt in check (see chart). But once implemented, government handouts are politically difficult to stop. And when oil prices crashed in la...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Kuwait Budgets For Mega Deficit In 2020-21
...w debt law. It has therefore had to tap the General Reserve Fund to fund the deficit Kuwaiti debt rose significantly prior to 2017, up from 3.4% of GDP in 2014 to 20.7% of GDP in 2017 according to the IMF. It has since dropped due to the inability to issue debt, with the IMF projecting it was 17...
Volume: 63Issue: 03Published at Fri, 17 Jan 2020 -
Kuwait Parliament Debates Neutral Zone Deal
...ES, 21 July 2008) – offshore output halted in October 2014, with the onshore portion following suit in May 2015 (MEES, 15 May 2015). The most likely outcome is that SAC will relocate its offices to the town of Khafji around 40km down the coast in the Saudi half of the PNZ. This is where offshore vo...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Taqa Completes $3.5bn Refinancing
...ter oil prices collapsed in 2014. This focused on cutting capital expenditure and reducing debt (MEES, 17 November 2017). Taqa’s main business segments are power and water, mainly in the UAE but also internationally, as well as upstream oil and gas. Upstream Taqa has producing operations in Iraqi Ku...
Volume: 63Issue: 02Published at Fri, 10 Jan 2020 -
Neutral Zone Set For 2020 Rebound After Saudi-Kuwait Agreement
...More than five years since the first shut-in at the Partitioned Neutral Zone (PNZ: MEES, 24 October 2014), Saudi Arabia and Kuwait have reached an agreement on resuming production. The partners have ambitious plans to boost output to over 500,000 b/d by end-2020. Kuwait Foreign Minister Sh...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Iraq Books Record Exports In 2019, Plans To Advance Jordan Pipeline In 2020
...,000 b/d year-on-year. 2019 was also notable for being the first full year since 2013 of ‘federal’ exports from northern Iraq via the KRG’s export pipeline to Ceyhan, Turkey. Pipeline damage and disputes allowed for inconsistent northern exports from 2014 to 2018. But the volumes, in line with the 2018 Ba...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Libya: Output At Seven-Year High; Can It Last?
...velopment in the country’s southwest (MEES, 20 September 2019), and started work in July. Russian firm Tatneft also returned to Libya in December to carry out seismic it was forced to abandon in 2014 (MEES, 13 December 2019). And perhaps most importantly, NOC received a major boost in December having re...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Oman Budgets For Further Deficit Reduction In 2020
...so set to decline. Current spending in set to remain in line with 2019. All told, Oman expects a $6.5bn deficit in 2020, down from $6.8bn in 2019 and $6.9bn in 2018. And if IMF GDP growth forecasts are to be believed, Oman is poised to drop its deficit-to-GDP ratio below 9% for the first time since 2014...
Volume: 63Issue: 01Published at Fri, 03 Jan 2020 -
Genel Farm-In Boosts Development Prospects At Chevron KRG Blocks
...uple of months before the first well was spudded. Sarta-1 tested at 1,000 b/d of heavy crude from the Jurassic reservoir. A second promising well, Sarta-2 was spudded in July 2013, but it was not enough to keep OMV onboard as the firm relinquished in early 2014 (MEES, 28 February 2014). Chevron was fo...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Thailand Crude Imports: Abu Dhabi Cements Top Spot
...lumes were their highest since 2014. An indication that Thailand is casting its net wider for crude is that both supplies from North Africa as a whole and from Libya in particular (15,900 b/d) hit record highs in 2018. There are ‘push’ as well as ‘pull’ factors at play here. One particular to Libya is th...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Libya Halves 2018 Budget Deficit But Remains Hostage To Oil And Conflict
...ipoli-government’s performance. LIBYA PUBLIC FINANCES (LD BN): DEFICIT AT SIX-YEAR LOW IN 2018 AS OIL REVENUES LEAP 76%* *DATA IS FROM TRIPOLI BASED CENTRAL BANK OF LIBYA. EXCLUDES REVENUE RAISED AND SPENDING BY RIVAL BAIDA-BASED GOVERNMENT WHICH SPENT LD36BN SINCE ITS INCEPTION IN 2014 AN...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Kuwait 2019-20 Budget Envisages Bumper Deficit Amid Faltering Oil Prices
....6bn, 93.7% of total income. This would be the highest oil revenue since 2014-15, and the greatest share of the total since 2012-13. Efforts at economic diversification remain as stubbornly distant as ever. Mr Hajraf estimated the breakeven oil price at $75/B before allocation of the mandatory 10% of...
Volume: 62Issue: 04Published at Fri, 25 Jan 2019 -
Oman: Oil Revenues Rebound Despite Slide In Exports
...at the refineries were running flat out with runs of at least 300,000 b/d. *Despite lower crude and condensate export volumes the near-$20/B rise in average crude prices to just shy of $70/B for 2018 meant that Oman bagged $20.1bn in export revenue, the highest figure since 2014 (see ch...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Aramco’s Sabic Takeover: Are Assets Compatible?
...s been variable in recent years. Sabic took a hit in 2014 when oil prices collapsed, since petchems sales prices are index linked to crude prices. Since then, however, Sabic’s market capitalization has recovered in line with rising crude prices. Sabic’s end-2018 market capitalization was $92.96bn, im...
Volume: 62Issue: 03Published at Fri, 18 Jan 2019 -
Saudi Kicks Off 2019 Fundraising With $7.5bn Bond Issue
...test bond issue will partially cover 2019’s projected deficit of $35bn. According to the Saudi Finance Ministry, debt in 2019 will rise by $31.5bn to $180.8bn (21.7% of GDP), implying that considerably more debt would be raised this year. Following the collapse in oil prices in 2014, the kingdom be...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Qatar Petchems To Benefit From QP’s Upstream Ambition
...January 2018 (MEES, 5 January 2018). Driving through such efficiency-boosting measures has been a hallmark of Mr Kaabi since he took over as CEO in 2014. But he also opted to cancel Qatar’s two petchems projects amid falling oil prices. The $6bn 1.4mn t/y Al-Sejeel polymers project (QP 80%, Qa...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Egypt Delays Subsidy Reform With Economy On The Mend
...ntribution to GDP during 2017-18 was a record, but once that is converted to dollars, the $5.95bn was the highest since 2014-15. Tourism receipts for the first half of 2018 rose to $4.8bn, with full year numbers estimated to reach $9.1bn, the highest since 2012. The sector has been rocked by a series of se...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Algeria Set For 11th Straight Deficit In 2019
...ICES WERE OVER $100/B AS SPENDING MUSHROOMED TO HEAD OFF ‘ARAB SPRING’ CONTAGion; DEFICITS BALlOONED AS OIL PRICES SLUMPED FROM 2014 2: BREAKEVEN VS ACTUAL saharan blend* PRICES ($/B): EVEN BASED ON OPTIMISTIC 2019 BUDGET ASSUMPTIONS ALGERIA WILL NEED $88/B TO BALANCE THE BOOKS; FOR 2018 IT...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Saudi Asian Supplies Surged To Record High In November Amid Bumper Exports
...th Arab Light averaging $82.02/B, the highest since October 2014. November’s bumper volumes may not be sufficient to offset November’s oil price fall, when Arab Light averaged $66.36/B. The impact of Saudi’s export surge can clearly be seen in Asian import stats, with key buyers from China, Ja...
Volume: 62Issue: 01Published at Fri, 04 Jan 2019 -
Libya: Sharara Restart Prospects Dim As NOC Demands Overhaul Of Oil Field Security
...vember), saw the highest monthly figure since 2014 as output of 1.20mn b/d, a five-year high, combined with Brent crude prices of over $80/B. However revenue will have dipped substantially for December. Though NOC’s annual estimate implies a figure of around $2bn for the last month of the year, MEES ca...
Volume: 62Issue: 01Published at Fri, 04 Jan 2019