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Saudi Electricity Borrows $2.6bn To Fund Capital Projects As Debts Soar
...nance is rising, more than doubling from just over $5bn in 2011 to over $11bn at the end of 2016 (see charts). As a well-capitalized state firm from a country with a high investment-grade credit rating, SEC’s debt continues to have no shortage of takers. Speaking of the latest loan, SEC chief ex...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Saudi Arabia’s Shift Up The Value Chain Offsets 7-Year Crude Export Low
...udi’s share fell from 13.4% to 12.5% (see chart, p20 and p19 for full data). It was as high as 20% in 2011 but is set to fall further this year: both the IEA and Opec expect Chinese demand growth to rise a further 400,000 b/d, whilst Saudi crude exports are more likely to fall than rise. South Korea to...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Algeria Notches Up $11bn 2017 Trade Deficit; Total Since 2015 Hits $45bn
...ve since become entrenched – the three deficits since have totaled $45.2bn. For 2017 MEES calculations indicate that it would have taken an oil price of $76/B to break even on trade. Spending on imports jumped in 2011 and rose strongly in each of the three subsequent years on the back of in...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Suez Canal Boosted By Oil Trade Records
...re substantial than those in the opposite direction. But, as the surge in exports of crude, NGLs and oil products from the US (MEES, 5 January) boosts Atlantic Basin supplies, the gap is closing. • Northbound shipments accounted for 65% of gross Suez Canal oil transit volumes as recently as 2011...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Libya Refinery ‘Resolution’ Fails To Hide Need For Multi-$bn Investment
...bear equally the cost of arbitration in the absence of a “clear prevailing party.” The tribunal dismissed a $4.4bn claim by NOC against Lerco for an alleged refusal to take-or-pay crude deliveries and another claim for payment for oil allegedly delivered to the refinery during the 2011 uprising, Le...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
‘The New Tunisia’: A Work In Progress
...uzid on 17 December 2010. Snowballing protests ultimately ended the 23-year rule of strongman ruler Zine El Abidine Ben Ali on 14 January 2011. Seven years on, Tunisia is one of the ‘freest’ countries in the Arab world. But you can’t eat freedom. Lack of progress on the key socio-economic factors th...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Tunisia’s Loss, Algeria’s Gain
...% of its gas demand, up from 40% as recently as 2011. ‘Import reliance’ hit a record 73% in August. Tunisia’s spending on oil imports is not surprisingly up by even more than spending on gas: not only has output collapsed but international oil prices are around 20% higher year-on-year. The co...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
The Plan: Boost SMEs; The Reality: Boost The State Payroll
...ound 50% of government spending, the figure is only topped by the Palestinian Authority in the Mena region (a region which in turn spends way above the global average). Since 2011, collective bargaining by public sector unions “has led to several exceptional pay increases to respond to social te...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Has Egypt’s Economy Turned The Corner? Time Will Tell
...sition but with very few good news stories coming out of North Africa of late, the recent positivity is a welcome change for Cairo which has had to endure many difficulties since 2011’s Arab Spring. SUEZ CANAL 2017 TRAFFIC (MN TONS): CARGO INCREASES BUT REVENUE STILL BELOW 2014 LEVELS *EX...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Key Middle East Producers Ease Off Drilling Going Into 2018
...00 2005 2010 2011 2012 2013 2014 2015 20...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
US Oil Output Soars: Did Opec Create A Frankenstein’s Monster?
...a share of demand rising from an annual average of 71.5% in 2017 to 77.1% in 2018 and 80.4% in 2019, and this despite demand continuing to rise over the forecast period. The US was reliant on imports to meet well over 50% of demand as recently as 2011. But a sub-plot is that the mismatch of bo...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Iraq: Record Exports, But Contract Reform Hangs In The Balance
...e firm has Iraqi experience as a partner at the Ahdab field (CNPC 37.5% operator, Zhenhua 37.5%, North Oil Company 25%) in Wasit province. Output began in 2011 and is currently around 140,000 b/d. Zhenhua also has 35% in Syria’s Gbeibe gas field on the frontline between the Islamic State and Ku...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Libya’s 2017 Energy Fortunes: Good-Ish News On Oil, Less So On Gas As Instability Continues
...CRUDE OUTPUT HAS REBOUNDED TO A 4-YEAR HIGH, AVERAGING 950,000 B/D SINCE JULY (‘000 B/D)... ...THOUGH AN END-YEAR DIP WITH AN ATTACK ON A KEY PIPELINE* IS INDICATIVE OF CONTINUED INSTABILITY GAS EXPORTS^ FELL TO THE LOWEST LEVEL SINCE THE REVOLUTIONARY YEAR OF 2011...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Saudi Foreign Reserves*
...ARE ON TRACK FOR A $45bn (8.4%) 2017 DRAWDOWN... ...BUT, HAVING FALLEN BELOW $500BN FOR THE FIRST TIME SINCE 2011 IN MAY, THEY HAVE SINCE STABILIZED AT JUST SHY OF THIS LEVEL ($bn) *SAMA NET FOREIGN ASSETS ($BN, END PERIOD). ^FORECAST BASED ON DATA TO END-NOV. SOURCE: SA...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Oman Plans Cut To 2018 Spending In Bid To Trim Deficit
...18 budget projects a $1.3bn fall in the country’s deficit. But at $7.8bn, almost 13% of GDP, this is hardly something to crow about. Particularly worrying is that the country will have recorded a deficit for 10 straight years – through the $100/B boom years of 2011-14 as well as recent, more co...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018