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Opec Revenues Fall By $160bn In 2023
...op, revenues were still the second highest on an annual basis since 2014. Last year saw the market stabilize following the disruption caused by Russia’s early-2022 invasion of Ukraine. Russian supply proved robust, US output boomed, and demand growth was historically strong at more than 2mn b/d. But su...
Volume: 67Issue: 13Published at Fri, 29 Mar 2024 -
Iraq Drafts Blowout Budget: More Energy Capex, But More Wages Too
...cludes exports from the Kurdistan Region of Iraq, with which the government hopes to finalize a political agreement over monitoring the region’s 400,000 b/d exports (see p10). The oil price assumption is the largest in an Iraqi budget since 2013’s $90/B – the planned 2014 budget was also based on $90...
Volume: 66Issue: 12Published at Fri, 24 Mar 2023 -
Saudi Arabia Nets $27.7bn Surplus For 2022
...th a 22% increase to $38.3bn. Further gains are planned for this year, with budgeted capex of $41.9bn up 9.4% on last year’s levels. These capex figures remain well below historic levels. Saudi capex peaked at $85.2bn in 2014 before being slashed as oil prices dropped. But it was still running at $45...
Volume: 66Issue: 11Published at Fri, 17 Mar 2023 -
Iraq Looks To New Karbala Refinery To Cut Record Fuel Import Bill
...Hyundai Engineering awarded the EPC contract nine years ago (MEES, 10 January 2014). Since then, the primary gains to Iraq’s refining capacity have come from repairing existing units such as those at the Baiji refinery. Another key project is the construction of a 55,000 b/d FCC complex at the 35...
Volume: 66Issue: 10Published at Fri, 10 Mar 2023 -
Saudi Export Revenues Topped $400bn For First Time For 2022
...SPITE A LATE-YEAR DIP AS CRUDE PRICES FELL BACK BELOW $90/B, OIL EXPORT REVENUES REMAIN WELL ABOVE RECENT LEVELS ($BN)... SOURCE: GENERAL AUTHORITY FOR STATISTICS, MEES. 3: ...AND WERE THE HIGHEST SINCE THE 2014 OIL PRICE CRASH FOR EVERY MONTH LAST YEAR($BN) SOURCE: GE...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Qatar Achieves Eight-Year High $24.5bn Surplus For 2022
...bounded following a $2.9bn deficit just two years earlier amid the Covid-19 pandemic. The latest figures from the Ministry of Finance show that last year’s surplus was the biggest since $29.8bn for 2014-15 (see chart 1). Qatar entered last year budgeting for a $2.3bn deficit. While few could have pr...
Volume: 66Issue: 09Published at Fri, 03 Mar 2023 -
Suez Canal Hikes Tanker Fees
...% rebate previously granted to LNG tankers. Toll rebates for LNG tankers were set at 35% in 2014 before being reduce to 25% in 2015 and finally to 15% in October last year....
Volume: 65Issue: 12Published at Fri, 25 Mar 2022 -
Opec Set For Bumper Revenues In 2022: Could It Be A Trillion?
...As volatility from the Ukraine conflict roils oil markets, the 13-member Opec group is looking ahead to its highest annual export revenues in eight years for 2022. Even if prices cool slightly from their year-to-date figure, revenues should climb to their highest level since 2014, and if they ri...
Volume: 65Issue: 11Published at Fri, 18 Mar 2022 -
Saudi Deficit More Than Doubles To $78bn For 2020
...udi Arabia, bringing the cumulative deficit since 2014 to $437bn. Ministry projections point to continued deficits out to at least 2023, which would take the cumulative total to $502bn. This year’s deficit is at least projected to fall back closer to 2019 levels at $37.6bn. This is primarily pr...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Oil Price Crash Puts Vulnerable Mena Economies At Even Greater Risk
...st – whose economies have never truly recovered from the late 2014 price-downturn – the economic and political implications of a prolonged price depression could be catastrophic. To be sure, the key Gulf monarchies of Saudi Arabia, the UAE, Kuwait and Qatar are robust enough to withstand a short-te...
Volume: 63Issue: 11Published at Fri, 13 Mar 2020 -
Libya’s 2019 Budget: Fact or Fiction?
...y new hires since 2014 – when it came into being – it also funds the Libyan National Army (LNA), which has been busy in recent months adding swathes of territory to its control (MEES, 22 March). To cover its running costs, the eastern ‘government’ has sold $23bn in bonds since 2014 (purchased by it...
Volume: 62Issue: 13Published at Fri, 29 Mar 2019 -
Algeria’s Economic Sclerosis: Political Change Is Not Enough
...pendent on oil and gas for a whopping 60% of budget revenue and over 93% of 2018 export earnings, shares that have barely shifted in recent decades. As long as oil prices were over $100/B, as was the case from late 2010 until 3Q 2014, Algiers managed to paper over the cracks. But, as Warren Buffet sa...
Volume: 62Issue: 12Published at Fri, 22 Mar 2019 -
Gulf Bonds In 2018 Another Bumper Year?
...sued in primary market deals in 2017; until 2014, the biggest buyers of Middle Eastern bonds were the local banks buying mainly for their asset and liability management (ALM) books, with almost 80% of the bonds issued being held by local banks’ ALM books, small family offices and local private bank cl...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Oman Looks To Foreign Firms and Downstream To Combat Economic Woes
...ucial if Muscat is to right the ship. The Omani economy is under pressure, and the lack of diversification ties its fate almost entirely to the price of oil. Struggling to balance its budget in the best of times, when the oil price crashed in 2014 the Sultanate’s debt ballooned. It racked up some $25...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Saudi: Major 2017 Oil Revenue Gains, But Non-Oil Disappoints
...vernment coffers? The kingdom’s latest trade statistics shed light on the issue, showing that oil exports rose in value to a three-year high of $170bn last year. This was a 25% year-on-year gain, although it was still 40% below 2014’s $285bn (not to mention the record $110/B years of 2012 and 20...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Growing Saudi’s Non-Oil Economy: A Mirage In The Desert?
...onomy contracted 0.7% in 2017. Riyadh heeded this advice. Its 2018 budget projected a $52bn deficit, the largest since 2014, with plans to balance the budget pushed back to 2023. The idea now is that the resultant economic stimulus, alongside continued reforms, will facilitate non-oil sector gr...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...ting of ‘AA’ in March 2014 it took until April 2016, over 18months after oil prices started to fall, for this to be reversed. FITCH SAUDI SOVEREIGN RATING HISTORY LONG-TERM ISSUER DEFAULT RATING. SOURCE: FITCH, MEES....
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Kuwait Cuts Its Borrowing Needs With Debut $8bn Bond
...venue will likely prove substantially higher and thus the deficit will likely come in lower, albeit still around $20bn. Even with the latest bond issue, this still leaves a $12bn hole to fill. Kuwait in 2014-15 posted its first budget deficit of KD2.72bn ($8.9bn) following the collapse in oil prices in...
Volume: 60Issue: 11Published at Fri, 17 Mar 2017 -
UK Pledges Funds For Reconstruction Of Iraq’s IS-Ravaged Areas
...’ish [IS].” Britain is a main partner in the US-led coalition that is currently assisting Iraq to defeat IS, which overran large swathes of Iraq in 2014. Iraqi forces backed by US support are currently battling IS to liberate Iraq’s second city of Mosul in the north of the country. The of...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
QP Petchem Merger
...bsite, Qapco saw revenues peak at QR4.45bn ($1.22bn) in 2013, before easing by 1% to QR4.40bn ($1.21bn) in 2014 and falling 8% to QR4.04bn ($1.11bn) in 2015. QVC has capacity to produce 230,000 tons/year of vinyl chloride monomer and 175,000 t/y of ethylene dichloride at its Mesaieed complex. Its ma...
Volume: 60Issue: 09Published at Fri, 03 Mar 2017