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Iraq Eyes 2023 Budget Priorities: Can It Spend Oil Windfall Wisely?
...gh-level KRG source tells MEES that Erbil’s delegation is planning to return to Baghdad to resume talks end of this month.. MORE CAPEX, OR MORE PAYROLL? Last year marked the third year that Iraq has failed to pass a budget, after 2014 and 2020. If ID222bn ($153bn) is indeed the fi...
Volume: 66Issue: 01Published at Fri, 06 Jan 2023 -
Libya Oil Revenues Skyrocket To $30bn In 2021
...l products, MEES estimates that Libya’s total 2021 oil exports were worth $29.8bn, the highest figure since 2014. Of course, most oil exporting countries had a good year in 2021. Opec – of which Libya is a member – has seen its revenues recover to pre-covid levels on the back of a sharp recovery in...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Libya Central Banks Agree Reunification Plan
...anches on 20 January agreed a four-point roadmap for reunification of the bank which has been divided on western and eastern lines since Libya split into two parallel governments in 2014. London-based auditing firm Deloitte has been hired to assist the process. The division of the bank has co...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Kuwait Set For 2022-23 Budget Surplus?
...the highest Kuwait has budgeted for since the 2014-15 budget’s $75/B. It is a huge increase on the $45/B assumption that Kuwait used for its 2021-22 budget. That $45/B assumption has proven to be a hugely conservative one, with Kuwait Export Blend (KEB) averaging $73.65/B over April-December 20...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Oman Approves Cautious 2022 Budget
...s first surplus since 2008 this year. Oman has seen cumulative deficits of $69.3bn for the 13 years since its last surplus. Oman’s annual deficits were at least modest until oil prices crashed in 2014. In 2013, the last full year of high oil prices, Oman’s debt stood at 4.9% of GDP, but it has si...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Libya’s 2021 Finances Boosted By Oil Revenues, Skewed By Dinar Devaluation
...r the first time since 2014, one unified Libyan government was responsible for spending and revenues. Rival parallel administrations in the east and west of the country were replaced by a Government of National Unity (GNU) in March as part of Libya’s peace process (MEES, 12 March 2021). But a bu...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Algeria Sees $10.6bn 2020 Trade Deficit With Revenues At 18-Year Low
...aded south in late 2014 (see chart 1). Other oil exporters were forced to adopt emergency measures when the Covid-19 pandemic saw prices and demand collapse in March last year. But Algeria has never come close to exiting crisis mode since 2014. Even then, on the back of three years of blowout sp...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Oman Fiscal Dilemma Shows No Signs Of Abating In 2021
...art 1). On paper, this amounts to around 75% of GDP – not particularly bad – but given years of low growth and perennial budget deficits since the 2014 oil price crash, the concern is that it will continue to grow to unmanageable levels. Oman’s economic outlook is growing increasingly grim, and an im...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021 -
IMF Highlights Kuwait’s Economic Troubles
...gher. On the expenditure side, after two-consecutive years of cuts from 2015-16, the figure has once again risen sharply. The 2014-15 figure of $74.3bn remains the highest on record, but that record is budgeted to be equaled this year and next. The IMF is particularly concerned that spending rises in...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Qatar Trade: Surplus Dips In 2019 As LNG Pricing Pressure Augurs Worse To Come
...rms around two-thirds of the ‘Natural Gas, LPG & Condensates’ segment which in turn accounted for 62% of Qatar’s overall 2019 export revenue of $73.1bn (see chart 2). The uptick in hydrocarbon prices in 2018 benefited Qatar greatly, with exports breaking past $80bn for the first time since 2014 (ME...
Volume: 63Issue: 05Published at Fri, 31 Jan 2020 -
Qatar Economy Outperforms Budget
...arter’s bumper $1.87bn, which was the highest quarterly figure since 4Q15’s $2.1bn. A budget surplus for 2019 would mark back-to-back surpluses for the first time since oil prices fell in the second-half of 2014. A third consecutive surplus is budgeted for 2020, albeit a mere $100mn (MEES, 20 December 20...
Volume: 63Issue: 05Published at Fri, 31 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 -
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 -
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 -
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 -
Algeria Notches Up $11bn 2017 Trade Deficit; Total Since 2015 Hits $45bn
...end crude hit $64.74/B, the highest since November 2014. December’s monthly deficit, at $490mn, was below $500bn for only the second time this year. ‘Import cover’ (the value of exports as a percentage of imports) rose to 88%, well up on the 2017 average of 75%. Revenues will have continued to rise wi...
Volume: 61Issue: 04Published at Fri, 26 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 -
Algeria Bans Imports In Latest Move To Curb Deficit
...15 2014 2013 REVENUE (AD BN) 6,714 +19.1 +14.1 +41...
Volume: 61Issue: 02Published at Fri, 12 Jan 2018 -
Jordan Slashes Planned Deficit By 25% For 2017
...lculus. In 2016 the value of Jordan’s energy imports represented 10% of GDP, down from 18% in 2014, according to Energy Minister Ibrahim Saif. Up till 2011, Jordan mostly relied on imported gas from Egypt. But it has since moved to replace Egyptian gas supplies by LNG imports via a floating storage an...
Volume: 60Issue: 04Published at Fri, 27 Jan 2017