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Coronavirus Set To Crush North Africa’s Tourism Sector
...direct effects on supply chains and investment are factored in (see table). Egypt’s tourism sector was already struggling to recover from the chaos of the 2011 ‘Arab Spring’ when in 2015 disaster struck. Islamic State terrorists blew up a Russian passenger jet over the Sinai, killing all 224 on bo...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Tunisia Cuts Interest Rate, Delays Loan Payments
...In a bid to lessen the economic impact of the global coronavirus pandemic, Tunisia’s central bank on 17 March cut its key interest rate by 100 basis points to 6.75% - its first cut since 2011. The bank also said businesses would be able to defer payment of loans by six months and access new on...
Volume: 62Issue: 13Published at Fri, 20 Mar 2020 -
Egypt Refiners Hit New Highs
...tput (MEES, 24 January). Jet-kero output was a record 68,000 b/d in January, while at 173,000 b/d diesel was the highest since July 2011. Gasoline output was 98,000 b/d, down from December’s all-time high 103,000 b/d, while 87,000 b/d of naphtha was the highest monthly level since August 2017 (see ch...
Volume: 63Issue: 12Published at Fri, 20 Mar 2020 -
Egypt Upstream Spending Slashed With Oil Price ‘Disaster’
...,700 b/d for 2020, the lowest since 2011. And, with a total halt to drilling, a further sharp fall in 2021 is all but inevitable. Plans for 16 wells in Egypt in 2020 have been slashed to just one development well which had “already spudded prior to the price disruption.” Exploration spending, including the fo...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Libya’s Oil Continues Its Fall
...west since the 2011 revolution (MEES, 6 March). Mr Haftar is attempting to starve the Tripoli-based government of vital oil revenues in support of his war to take over the capital (MEES, 14 February). The blockade of five eastern oil terminals has brought production from the key Sirte basin fields do...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Opec Output At 17-Year Low Amid Libya Collapse
...pact of port shut-ins was felt. This was partially offset by a 120,000 b/d increase from Iraq to 4.51mn b/d which put Opec’s No.3 producer some 50,000 b/d above its Q1 production allocation. Libyan output has crashed to just 120,000 b/d (see p16), its lowest level since September 2011 in the last da...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020 -
Libya Output Lowest Since 2011
...Libya Output Lowest Since 2011 Amid ongoing oil blockades imposed by eastern-based General Khalifa Haftar, Libya’s February crude output at 120,000 b/d came in at its lowest level since the 2011 revolution that overthrew long-time leader Muammar Gaddafi (see chart). The blockades have re...
Volume: 63Issue: 10Published at Fri, 06 Mar 2020