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UAE-Oman Relations: Brotherly Love Or Sibling Rivalry?
...licy. Muscat has generally followed a regional foreign policy guided by mediation and diplomatic engagement. Meanwhile, Abu Dhabi has been keen to flex its military and economic strength, most recently in Sudan (MEES, 3 May). When the UAE joined Saudi Arabia and Bahrain in its blockade of Qatar in 2017...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Saudi Arabia Targets Foreign Investment To Bolster Economic Growth
...eated the Future Investment Initiative (FII) conference which it has held in Riyadh annually since October 2017 and which was swiftly dubbed ‘Davos in the Desert.’ Last month Davos, home to the WEF’s flagship event, truly came to the Desert. While the 28-29 April WEF Special Meeting had more of a ge...
Volume: 67Issue: 19Published at Fri, 10 May 2024 -
Bahrain Plans 2GW Wind Capacity
...y to net-zero by 2060. And the country’s 2017 National Renewable Energy Action Plan (NREAP) targets renewables capacity of 225MW by 2025 (equivalent to 5% of forecast peak demand) and 710MW (10%) by 2035. Bahrain’s current installed capacity is 5GW from a fleet of five thermal plants. Renewables ca...
Volume: 67Issue: 18Published at Fri, 03 May 2024 -
Saudi Arabia Surges To $15bn Q1 Surplus
...INS Total revenues in the first quarter amounted to $74.1bn, the highest quarterly figure in ministry data stretching back to 1Q 2017. Within this, oil amounted to $49bn (66%), the highest figure since 3Q 2018’s $49.1bn (see chart 2), as Brent crude averaged $98/B for the quarter. With oil prices co...
Volume: 65Issue: 20Published at Fri, 20 May 2022 -
Adnoc Prepares To IPO Fertilizer & Drilling JVs
...19). When it comes to IPOs, Adnoc has prior experience. It initially floated 10% of its retail arm, Adnoc Distribution, in December 2017, raising $851mn (MEES, 16 February 2018), and followed this up last year with a further 10%-placement which raised $1bn (MEES, 18 September 2020). 20% of Adnoc Di...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
As Momentum Returns To KRG Oil Sector, Repayment Change Highlight Challenges
...peline connection. Pearl also has another big gas field in Kurdistan – the nearby 5.7tcf Chemchemal field – where it has conducted appraisal drilling. It was also awarded blocks 19 and 20 in 2017 as part of a deal with the KRG over receivables (see p5). ...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Saudi Deficit Shrinks As Capex Responsibility Switches To PIF
...F That government spending came in at $56.6bn in Q1, the lowest figure in three years, was largely due to a huge drop in capital expenditure (capex). At $4bn, capex was the lowest figure since the Ministry of Finance began releasing quarterly updates in 2017, coming in well below the previous low of...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Lebanon-Sonatrach Fuel Scandal Lays Bare Energy Sector Corruption
...ddy and Raymond Rahme, who have a variety of business interests – including alleged ties to the Barzani family in Iraqi Kurdistan. Around 2017, the firm emerged as a heavyweight in the Lebanese products sector, suspiciously underbidding in several gasoil and gasoline contracts – an oil trader te...
Volume: 63Issue: 22Published at Fri, 29 May 2020 -
Algeria’s Revised 2020 Budget: More Questions Than Answers
...rex reserves which had already fallen to $60bn by the end of March, just 30% of their level six years earlier (MEES, 1 May). President Abdelmadjid Tebboune has ruled out both foreign debt and the country’s previous ruse of printing money (MEES, 13 October 2017) as a way of financing the fiscal de...
Volume: 63Issue: 21Published at Fri, 22 May 2020 -
Saudi Reverts To Austerity To Shore Up Government Finances
...llowing urging from the IMF – to adopt a more expansionary economic strategy in late 2017 (MEES, 22 December 2017). The government pushed plans to balance the budget back from 2020 to 2023 as it sought to invigorate the private sector through fiscal stimulus. Large budget deficits were therefore ma...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Egypt Gets Much-Needed IMF Cash
...URCE: ECB, IMF, MEES. EGYPT: PRICES AT THE PUMP RESERVES SLUMP Egypt’s net international reserves fell to $37.0bn at the end of April, the lowest end-monthly figure since November 2017 when reserves were on the opposite trajectory with the influx of IMF cash. Reserves rose to...
Volume: 63Issue: 20Published at Fri, 15 May 2020 -
Qatar Slumps Into Recession
...ha, with total exports of $16.4bn over Q1 the lowest level since 3Q 2017. Within this, gas and condensate revenues of $10.8bn were the lowest since 4Q 2017. It appears all but inevitable that revenues will fall further this quarter. ...
Volume: 63Issue: 19Published at Fri, 08 May 2020 -
Qatar Export Revenue Drop
...Qatar’s export revenues tumbled to their lowest levels since 2017 in Q1 with worse on the way. The petrostate’s export slate is dominated by oil and even more importantly gas. Q1 export revenues came in at $16.4bn. Of this 85% was from hydrocarbons, the lowest figure since 3Q 2017. Ov...
Volume: 63Issue: 18Published at Fri, 01 May 2020 -
Algeria’s Export Revenue Buffeted By US Shale Hurricane
...the 2.9bcm/y Reggane field and the March 2018 start-up of 1.8bcm/y Timimoun (MEES, 22 December 2017). This year’s only significant boost will come from the Touat field, which like Reggane and Timimoun is in the country’s far southwest. Here private equity-led operator Neptune Energy is ta...
Volume: 62Issue: 21Published at Fri, 24 May 2019 -
Korea: April Iran Imports At 18-Month High
...Korea’s crude sourcing in recent times has been the sliding share from the Middle East: from 86.4% of 2016 imports to 82.3% for 2017, 74.4% for 2018 and 74.0% for the first four months of 2019. And this has been the result of a deliberate policy with the government offering the country’s im...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
LNG Markets Under Pressure From Soaring Us Exports
...nce the 10% tariff was introduced last year trade has slowed to a trickle, with just three US cargoes sailing for China in the first three months of 2019, versus a quarterly record of 20 for Q4 2017. *In the absence of former top buyer China, US cargoes have headed far and wide. India took a re...
Volume: 62Issue: 20Published at Fri, 17 May 2019 -
Iran Threat To Nuke Deal As Exports, Revenues Face Collapse
...15, amid overall record 617,000 b/d imports. Turkey imported 91,000 b/d from Iran in February, up slightly on January’s 90,000 b/d but less than half average volumes of 210,000 b/d for 2017 and 1H 2018 when the Islamic Republic was Turkey’s top crude supplier. Certainly Turkey, as with India and Ch...
Volume: 62Issue: 19Published at Fri, 10 May 2019 -
Saudi Government Posts First Surplus Since 2014 In Q1
...rplus being unique for 2019. Indeed, Saudi Arabia does not plan on running a balanced budget until 2023, having decided in 2017 to abandon initial plans to balance the budget in 2020 at the behest of the IMF, which was concerned that the impact that such belt tightening would constrain economic gr...
Volume: 62Issue: 18Published at Fri, 03 May 2019 -
US Sanctions Hit Iran Hard
...eir return, as the mass protests in late 2017 and early 2018 highlighted (MEES, 19 January 2018). While the political leadership in the country is aware of the deficiencies in the economy, it has proven incapable of implementing suitable policies. ...
Volume: 62Issue: 18Published at Fri, 03 May 2019 -
Egypt: Economic Gains Threatened By Record Import Bill
...ilst the pound was heavily overvalued. But remittances have leapt since the Egyptian currency’s November 2016 devaluation – a prerequisite for the $12bn IMF deal (MEES, 18 November 2016) – with the figure hitting $20bn (8.5% of GDP) for the first time in 2017 (see chart 1). Tourism has also re...
Volume: 61Issue: 21Published at Fri, 25 May 2018