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Cairo Advances Subsidy Cuts But Will They Outpace Inflation?
...nth, as the government announced the new bread prices, PM Moustafa Madbouly said that the Electricity Ministry was developing a plan to completely phase out electricity subsidies over the coming four years, the latest in a series of extensions since the initial plan was set out in 2014 (MEES, 24 Oc...
Volume: 67Issue: 26Published at Fri, 28 Jun 2024 -
Libya: SLB’s Quit Threat Could Send Output Gains Into Reverse
...talEnergies of France. This was for a three-year contract to deploy an “express” early production facility (EPF) at the Sirte Basin’s Mabruk field which has been shut-in since surface facilities were badly damaged by Islamic State-affiliated militants in December 2014 (MEES, 6 March 2015). SLB says the Ma...
Volume: 67Issue: 24Published at Fri, 14 Jun 2024 -
Qatar Gas Exports Surge To Five Year High
...2022 they remain slightly down year-on-year. Even if its core gas exports have dipped slightly this year, soaring commodities prices have pushed Qatar’s export revenues up to multi-year highs of late, with Q1’s $28.51bn the highest quarterly figure since 3Q 2014 (MEES, 3 June). Revenues are up ac...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
Iraqi Parliament Passes $17bn Emergency Bill
...ojects. But it also registers a negative precedent by renewing the practice of ex-budgetary spending decisions as were made in 2014 and 2020. Many observes had hoped that the lack of a 2022 budget would pressure politicians to reach a deal on government formation and exit the current gridlock. Former MP Al...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Tight LNG Market Drives $2bn Revenue Boost For Qatar
...ices work their way through the system. Already, April revenues were the highest since March 2014’s $12.46bn and were among the highest monthly figures ever (see chart 1). Hydrocarbon revenues of $10.5bn accounted for 88% of the April total, significantly above the 2021 average of 84%. High re...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Oman Feels The Pain As Export Revenues Plummet
...onomic outlook. A succession of six sizeable annual deficits since the 2014 price crash has gradually pushed-up Oman’s debt levels, and another substantial rise this year seems inescapable (see chart 2). Current spending jumped in 2011 as Oman sought to ride out ‘Arab Spring’ protests through higher pu...
Volume: 63Issue: 26Published at Fri, 26 Jun 2020 -
Algeria Calls Time On Quantitative Easing
...vernment said it was an “urgent response” to the hole in Algeria’s finances left by the collapse in oil prices from the second half of 2014. Algeria notched up a record $24.3bn deficit in 2015. Though the country slashed spending in 2016, a further fall in oil prices (to an average of $44/B for Saharan Bl...
Volume: 62Issue: 26Published at Fri, 28 Jun 2019 -
Tunisia Cuts It Fine With Just-In-Time Power Start-Ups
...ill below 2014’s 260mn cfd when FID was taken on Nawara. Tunis aims to curb its 96% reliance on gas for power generation and consequent import bill via a renewables revolution first outlined in 2016. It currently only has 302MW (240MW wind, a nominal 62MW of mostly-ancient hydro capacity, and pr...
Volume: 62Issue: 24Published at Fri, 14 Jun 2019 -
Algeria Cuts Deficit For 2018: Gains Will Likely Prove Short-Lived
...Algeria notched up a $10.5bn deficit for 2018, the tenth in a row, though the lowest since oil prices crashed in the second half of 2014. But the numbers have taken a turn for the worse this year. And political instability presents a further downside risk. Freshly released financial stats fr...
Volume: 62Issue: 23Published at Fri, 07 Jun 2019 -
Egypt Continues Subsidy Reform, Hikes Fuel Prices
...nference Mr Molla says the recent fuel price rise will not be the last. "According to a five-year plan adopted by the government in 2014, we are still subsidizing 25% of fuel prices." Mediterranean prices for 95 Ron gasoline averaged around $87/B for May. This equates to $0.55/liter, around 20% more th...
Volume: 61Issue: 25Published at Fri, 22 Jun 2018 -
Iran: Growing Capital Outflow Threatens Economy Ahead Of Sanctions
...timates Iran’s forex reserves fell $16.3bn between March 2016 and December 2017, compared to increases of $2.2bn in the year starting March 2015, $8.6bn in 2014 and $13.2bn in 2013. The decline in Iran’s reserves is primarily attributed to capital flight. This in turn has led to a steep depreciation in th...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Iran’s Banking Sector: Dark Days Loom
...sperately trying to repair their books after offering deposit rates as high as 22% back in 2014 before the oil price crashed later that year. (A substantial premium over inflation which was around 15%.) Oil revenue collapsed from $57.3bn in 2014 to $27.3bn in 2015. But the real damage was done after the ti...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Sama Net Foreign Assets ($Bn)
...SAUDI FOREIGN RESERVES ROSE ABOVE $500BN FOR FIRST TIME IN A YEAR AT END OF APRIL... ...WITH THE RECENT REBOUND COMING AS PRiCES FOR ARAB LIGHT HIT $69/B, the HIGHEST SINCE 2014 SOURCE: SAMA, MEES....
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Kuwait Trade Surplus Falls In Q1
...16 1Q16 2016 vs 15 2015 2014 2013 2012 20...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Algeria: Deficit Down As IMF Warns On Over-Zealous Consolidation Plans
...om $179bn at end 2014 to just over $100bn now. That said, Algeria’s finances are less stretched than some of its Opec peers. The IMF actually chastises Algiers for an unwillingness to take on international debt in order to smooth out the economic cycle. Algeria has made financing the deficit more di...
Volume: 60Issue: 26Published at Fri, 30 Jun 2017 -
Iraq Oil Takings Up
...Iraqi crude export revenues totaled $4.66bn in May, the sixth successive month in which they exceeded $4.5bn. This is the first time Federal Iraq has achieved this since December 2014 as the collapse in oil prices since mid-2014 has offset a 35% increase in export volumes. But it looks as if th...
Volume: 60Issue: 22Published at Fri, 02 Jun 2017 -
Qatar Downgrades Growth Forecast, But LNG Revenue Projection Looks Bullish
...l price of $39.3/B. These are both significantly down on the December 2015 estimates: the current account breakeven figure is down by more than a third. Monthly imports in the first two months of the year remained roughly at 2014-2015 levels of $2.5-3bn, with February slightly up year-on-year. Th...
Volume: 59Issue: 25Published at Fri, 24 Jun 2016 -
Egypt Gas: ‘Remarkable Turnaround,’But Not Quite Yet
...21 – the IEA output numbers for the next couple of years look optimistic. The IEA has consistently underestimated Egypt’s near-term output slump. Last year it had Egyptian gas output bottoming out at 50 bcm in 2014, rising to 51 bcm (4.9bn cfd) in 2016: actual output was just 3.96bn cfd in the fi...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
Egypt Revisits IMF Loan As Gulf Aid Slows
...sh injection and subsequent volumes in 2014 and 2015 gave new President Abdel Fatah al-Sisi the breathing space to shun the IMF. But since the start of 2016 attempts by Gulf monarchies to rein in state spending have put a big question mark against continued aid to Egypt, prompting it to again lo...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016 -
US Anti-Hizbollah Sanctions Law Haunts Lebanon’s Banking Sector
...onomy is hampered by a power vacuum and parliament has been unable to elect a head of state to succeed former President Michel Sulaiman, whose term expired in May 2014. The paramilitary group, which is fighting on the side of the Syrian regime, is blamed by many politicians in Lebanon for preventing the el...
Volume: 59Issue: 24Published at Fri, 17 Jun 2016