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Kuwait’s Four Year Government Program Gets Little Support
...position-led assembly, only a handful of MPs showed support, rendering the passage of the approximately 30 proposed laws questionable. One law in particular saw almost unanimous opposition – the contentious Debt Law. Kuwait ran a series of eight consecutive budget deficits (see chart) between 2014/15 an...
Volume: 66Issue: 30Published at Fri, 28 Jul 2023 -
Algeria Oil & Gas Revenues Fall Back From Record 2022
...*Algerian state firm Sonatrach earned $21bn in oil and gas export revenues for the first five months of 2023. On an annualized basis this equates to $50.8bn, well down from 2022’s 9-year high $60bn, but is still the second highest since energy prices tanked in late 2014 (see ch...
Volume: 66Issue: 28Published at Fri, 14 Jul 2023 -
KRG Revenues Up But Dire Finances & Political Disputes With Baghdad Linger
...able to pay state employees on time. In communication with Baghdad the KRG says that “from 2014 to 2019, the Federal Government has not provided [the KRG] its financial entitlements, forcing the KRG to find new sources of financing [prepaid debt] and areas of savings to provide for its expenses, in...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
Saudi Oil Export Revenues Soar To $31bn For May
...Saudi Arabia is on track for record oil export revenues this year. May’s $31bn was the highest monthly figure since at least 2014. Diesel flows to Europe are on the up. Saudi oil export revenues climbed to a new post-2014 peak of $31bn in May as the energy giant capitalized on high oil pr...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
Iraq Posts Record Revenues Amid Fast-Changing Market
...spite oil prices this year still not quite setting new records underlines the extent to which Iraq managed to increase output capacity since the previous high-price cycle ended in 2014. Iraq crude oil production averaged 3.33mn b/d in 2014, and even with Opec+ cuts remaining in force up until th...
Volume: 65Issue: 27Published at Fri, 08 Jul 2022 -
Opec Revenues Set For 2022 Windfall After 2021 Turnaround
...cession could take the edge off recent highs is the focus. Still, even if oil prices pull back from their recent $100-$120/B range, the group is on course for its highest revenues since 2014 when it took $901bn. If the January to May average price of each Opec member’s key export gr...
Volume: 65Issue: 26Published at Fri, 01 Jul 2022 -
Korea Crude Imports 1H 2021: Mideast & Opec Share At Record Low
...cades. This comes as overall volumes for the world’s number four crude importer fell by 5.4% to average 2.58mn b/d for 1H 2021, the lowest first half figure since 2014. Whilst Korea’s oil demand continues to be suppressed by Covid – and movement restrictions have been increased in recent weeks with fears of...
Volume: 64Issue: 28Published at Fri, 16 Jul 2021 -
Oman Cuts Deficit, But Oil Dependence Remains
...til the crash in oil prices in 2014, Oman ran near balanced budgets and only had around $4bn in gross debt, or 5% of GDP. But after four hard years of hard borrowing to cover costs and avoid civil unrest (MEES, 23 November 2018), the IMF projects that Oman will exit the year with $49bn in debt (61% of...
Volume: 62Issue: 30Published at Fri, 26 Jul 2019 -
Kuwait Eyes Huge 2019-20 Budget Deficit
....7% of GDP. The expiry of the government’s authority to issue debt means it has had to tap into the General Reserve Fund (GRF) to finance deficits since 2014, and Finance Minister Nayif al-Hajraf has warned that the fund is suffering from a shortage of liquidity and requires a replenishment of fi...
Volume: 62Issue: 28Published at Fri, 12 Jul 2019 -
Saudi Arabia Struggling To Reform Economy Despite Ambitious Plans
...is was a 0.9% fall in real terms. Overall, non-oil’s share of Saudi GDP dipped from 74.3% in 2016 to 71.5% last year. By contrast, in 2014 prior to the worst of the oil price fall, non-oil accounted for just 57.0% of the total, and Riyadh is keen to prevent a return to those days. But it will prove a ha...
Volume: 61Issue: 29Published at Fri, 20 Jul 2018 -
Algeria: Reserves Slump To 12-Year Low, But Country Has Bigger Problems
...e country’s finances. Instead Algiers has opted for the highly-inflationary path of printing money to finance the country’s expected $19bn 2018 deficit (a cumulative $80bn since 2014 – MEES, 19 October 2017). A temporary ban on a whole swathe of imports is Algeria’s other key ‘alternative’ economic me...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Egypt Pledges To End Energy Subsidies Within 12 Months
...nister and central bank chief blame “persisting financial difficulties in view of higher than expected oil prices,” for slow progress in cutting Egypt’s dues but repeat that Egypt “remains committed to fully eliminating arrears by end-June 2019.” The biggest dent in receivables was made in July 2014 wh...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Egypt Indicators Show Recovery Is Gathering Pace
...arter of 2016. It has since risen steadily with Q1-3 2017-18 revenue of $7.25bn up 155% year-on-year. The Suez Canal, another source of much needed income for Cairo, also saw revenue dip in 2016, to $5.005bn versus 2014’s record $5.465bn. But the growth in shipments of US oil and LNG to Asia has pr...
Volume: 61Issue: 27Published at Fri, 06 Jul 2018 -
Gulf Bond Issues To Set New Highs As Cash Crunch Continues
...ound $60bn annually in 2013 and 2014, $70bn in 2015 and $78bn last year. If the current trends continue, bonds could overtake loans this year. This would be significant for a region traditionally dominated by relationship-driven bank lending. Diversifying funding sources would also help to si...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Iran’s Budget Deficit Soars In 2016-17
...VENUE FIGURES (IR TRN) 2016-17 vs 2015-16 2015-16 vs 2014-16 2014...
Volume: 60Issue: 29Published at Fri, 21 Jul 2017 -
Syria’s Ongoing Conflict Inflicts Huge Loss Of $226bn To GDP
...oups. According to the report, IS was producing, refining and selling as much as 50,000 b/d in November 2014, but later estimates put this figure at a maximum of 40,000 b/d in October 2015. By September 2016 the US-led coalition claimed that it had struck 2,638 oil infrastructure targets primarily in Sy...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017 -
Saudi’s Economy Gets Boost From MSCI Announcement
...uld put Saudi Arabia in the top 10 emerging markets, according to EFG Hermes. The other Mena markets included in the MSCI index are Qatar and the UAE, which were upgraded to EM status in 2014, as well as Egypt. Along with improved liquidity, valuations and stock prices on the Tadawul, Saudi’s in...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Morocco Faces Socioeconomic Headwinds As Deficit Overshoots, Growth Slows
...16, down from $628mn in 2015 and a record $1.381bn in 2014 (though the price of gas shipments is oil-linked this linkage is delayed). These economic headwinds will make it more difficult for Morocco to tackle the youth unemployment (22.5% of the labor force in 2016, up from 20.8% in 2015 according to...
Volume: 60Issue: 27Published at Fri, 07 Jul 2017 -
Algeria’s Economy: Sinking Fast Despite ‘Titanic Efforts’
...Algeria has been rapidly drawing down its foreign currency reserves: from $194bn at the start of July 2014, just before oil prices started to slide, to $143bn at the end of 2015 and $137bn at the end of May (see chart). Speaking on 15 June, Prime Minister Abdelmalek Sellal said that he ex...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Iran: Payments Start Flowing But Fear Factor Remains
...ese were tightened further in 2011 which led its roughly $420bn economy to shrink by about 9% in the two-year period that ended in March 2014, according to the IMF. From then until January 2016, when sanctions were broadly lifted in return for nuclear curbs, Iran’s ability to continue trading oil pr...
Volume: 59Issue: 27Published at Fri, 08 Jul 2016