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Iraq’s Summer Power Provision Hangs On Emergency Financing Law
...at her ministry is drawing up a 2022 budget. But it is not clear how that will pass when the government is powerless constitutionally and parliament is in no position to enact one on its own. Iraq has failed to pass budgets before in recent years. This occurred in 2014 as oil prices collapsed and la...
Volume: 65Issue: 21Published at Fri, 27 May 2022 -
Saudi Reaps Rewards Of Oil Price Boom
...a whole. The surge in oil prices following the Russian invasion of Ukraine in late February has caused Saudi monthly oil export revenues to jump above $30bn for the first time since 2014. The kingdom’s flagship Arab Light crude grade averaged $113/B in March amid the fallout from the conflict, pu...
Volume: 65Issue: 21Published at Fri, 27 May 2022 -
Oman’s Finances Surge To Largest Surplus In Eight Years
...Oman recorded a $923mn budget surplus for Q1 2022, the largest surplus since 1Q 2014. Oil exporters around the region are notching up multi-year high budget surpluses, but the move into the black is especially notable for Oman which was struggling to achieve budget surpluses even in the pr...
Volume: 65Issue: 21Published at Fri, 27 May 2022 -
UAE President Khalifa Bin Zayed Passes Away
...Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and ruler of Abu Dhabi, passed away on 13 May at the age of 73. Sheikh Khalifa had been president since November 2004 and was the eldest son of the UAE’s founder Sheikh Zayed bin Sultan Al Nahyan. Since suffering a stroke in January 2014...
Volume: 65Issue: 19Published at Fri, 13 May 2022 -
Majors’ Russia Exit Puts Spotlight On Mena Portfolios
...om its role at the onshore Wafra field located in the Saudi-Kuwaiti Partitioned Neutral Zone (PNZ), where it partners Kuwaiti state firm KGOC in a 50:50 JV. Last year represented the field’s first full year of production after being completely shut-in between late 2014 and February 2020 (MEES, 14 Ja...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Yemen’s Two-Month Truce Revives LNG Export Hopes
...vernment’s “demand for adjustment of revenue shares.” According to a 2018 report by Yemen’s ministry of planning, the country’s share of Balhaf’s gas sales reached $753.5mn in 2014 while Mr Pouyanné says that the “cash flow per year of Yemen for TotalEnergies” was “around $1bn” in 2015. With some 80% of Ye...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Saudi Arabia Pledges To Invest Oil Export Windfall In Economic Reforms
...P in the first quarter of the year growing at the fastest pace since 2011. Unsurprisingly, the surge has been driven by resurgent oil markets, as the fallout from Russia’s 24 February invasion of Ukraine has pushed oil prices above $100/B for the first time since 2014. The kingdom launched its Vi...
Volume: 65Issue: 18Published at Fri, 06 May 2022