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Yemen: New Import Hub Increases Houthi Economic Control
...port terminal. STRATEGIC LOCATION Ras Issa sits in a strategic bay on Yemen’s Red Sea coast. It has traditionally been the country’s primary export terminal, receiving crude oil from the Marib Basin via a 110,000 b/d pipeline. But with the onset of civil war in 2014, targeted sabotage of th...
Volume: 66Issue: 44Published at Fri, 03 Nov 2023 -
Saudi Oil Export Revenues On Course For 25% Annual Drop
...ole, MEES estimates that oil revenues are on course to total $245-250bn. Although this is down significantly from last year’s bumper $327bn, it remains a historically high figure. With the exception of 2022, this would be the highest annual figure since 2014 (see chart 2). 2024: SUBJECT TO MA...
Volume: 66Issue: 48Published at Wed, 01 Nov 2023 -
Saudi 2022 Oil Export Revenues Top $250bn With Three Months To Go
...llars. At $253.9bn, the 9M 2022 figure was already well in excess of 2021’s full year figure of $202.2bn. Indeed, it is already in excess of the annual figures for every year since 2014, when oil prices tanked in the second half of the year, and only returned back above $100/B this year after Russia’s 24 Fe...
Volume: 65Issue: 47Published at Fri, 25 Nov 2022 -
Qatar’s 2022 Export Revenues Top $100bn With Three Months To Spare
...0bn. Not since 2014 have the emirate’s exports achieved this level over the course of a year. With an entire quarter of strong exports yet to come, the question now is simply how high will the end-year figure be? Driven by booming LNG export revenues, Qatar has put together back-to-back monthly ex...
Volume: 65Issue: 45Published at Fri, 11 Nov 2022 -
Algeria Set To Squander Energy Windfall
...cording to Finance Minister Brahim Djamel Kassali. He expects this to further rise to $60bn in 2023 (see chart 1). And having last year notched up its first trade surplus since 2014, Algeria is set to repeat the trick this year with a more substantial surplus of $17.7bn according to the latest of...
Volume: 65Issue: 44Published at Fri, 04 Nov 2022 -
Egypt’s Midsize Gas Producers: Output Down But Receivables Down Too
...om the KRG and $125mn in Egypt where Dana’s receivables bill fell to $65mn as of end-September, the lowest level in over a decade and down $17mn versus the figure three months earlier. Energean, likewise, saw its receivables fall in Q3, to $145mn, the lowest level since 2014 though down only sl...
Volume: 64Issue: 46Published at Fri, 19 Nov 2021 -
Qatar Quarterly Export Revenues At 7-Year High
...The gradual increase in the price of Qatari LNG is much less dramatic than spot market gains, but it is lifting the emirate’s revenues to their highest level since late 2014. Qatari export revenues are running at seven-year highs as the LNG superpower benefits from the energy price cr...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Libya: Oil Still Flowing But Revenues In Limbo
...vision of Libya since 2014 between rival eastern and western administrations has devastated the country’s finances and fostered a severe liquidity crisis which can only be addressed through the unification of the parallel administrations. A UN-led political process aimed at ending Libya’s nine-year ‘tr...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Oman To Introduce Income Tax: Will Rest Of GCC Follow?
...er $100/B prior to late 2014, Oman was still unable to balance the budget as Muscat looked to avoid contagion from the 2011 ‘Arab Spring’ with 2012-14 spending blowouts. While the government is seemingly unable to reduce spending on salaries, the looming implementation of 5% VAT will have a si...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
Oman Set For Lowest Deficit Since 2014, But Investment Lacking
...what would be the lowest figure since 2014 offers a rare piece of good news as assessments of Oman’s long-term economic health continue to sour. Of course, the second half of 2014 saw oil prices collapse from the $100/B-plus average of the preceding four years. Oman is not the only oil pr...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Saudi Arabia Expects Large Budget Deficits Until 2022
...With Saudi Arabia planning to run budget deficits until 2022, the kingdom’s own figures point to a cumulative deficit since 2014 of more than $450bn. Efforts to kick-start private sector development are essential if the government is to succeed in its critical efforts to reduce the economic de...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Saudi Arabia Bags $118bn Trade Surplus In 9M 2018
...16’s annual record (MEES, 23 November). Quarterly oil (and total) revenues were the highest since oil prices collapsed in late 2014/early 2015, but this looks to prove the high-water mark for the immediate future. Oil prices collapsed through October and November, to stand at the lowest levels this ye...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Oman Economy Set For Strong 2018 Finish
...cent years: the figure was $5.15bn in 2014. Higher current expenditure is partly down to larger interest payments on loans as well as gas production expenditure which has risen from $380mn to $850mn year-on-year. But the bigger movements are on the revenue side of the ledger. Oil exports are only up...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Tunisia Struggles To Cash In On Democracy
...nis had an opportunity following the 2014 oil price slump to reduce its burden on the budget, but that train has come and gone and higher prices are now causing a massive headache for the fractured government. Although Tunis has incrementally raised fuel prices, thereby reducing subsidies, the su...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Saudi 9M Stats Show Kingdom Almost In The Black: Too Good To Be True?
...e nine-month figure suggests that Saudi Arabia is on track to post a full year deficit of just $17.5bn, not only by far the lowest since oil prices headed south in late 2014, but actually level with 2014 as a whole – when oil prices averaged $97/B, some 37% above the $71.1/B average for January-Se...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Egypt Economy Marches Upwards, But Higher Oil Prices Hit Subsidy Reforms
...th May’s $503.1mn the highest since August 2014 (MEES, 26 October). Its share of state revenue has also risen from 11% in 2016-17 to 12% in 2017-18. After a sluggish start, Egypt is now reaping the rewards of its $8.5bn August 2015 canal expansion. Revenues fell in 2015 and 2016 but rose in 2017 an...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Iran Reshuffles Cabinet Ahead Of US Sanctions
...change was in April 2014 at the height of US and EU sanctions, but this failed with just one very small lot of crude oil sold. Exporting oil by the private sector also risks encouraging corruption in countries under sanctions, as witnessed in Iran with the notorious case of Babak Zanjani, the Iranian bu...
Volume: 61Issue: 44Published at Fri, 02 Nov 2018 -
Saudi Deficit Set To Fall 50% In 2017
...Higher oil prices mean Saudi Arabia is on track to halve its deficit to $42.5bn for 2017, the lowest figure since 2014. Latest figures for the first nine months of 2017 show revenue rising by 23% year-on-year thanks to a 32% increase in oil prices (from $38.6/B to $50.9/B). For 2017 as a wh...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Gulf SWFs Overhaul Their Strategies For A ‘Lower For Longer’ World
...plug deficits,” Elliot Hentov of State Street Global Advisors tells MEES. “The net effect is that they are still providing liquidity but the trend has dramatically slowed.” GCC SWFs’ total assets increased by $404bn from $2,519bn in October 2014 to $2,923bn in November 2017, a 16% rise, ac...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Algeria Raises $5.1bn In Bonds, Taps ADB For $1bn
...ven that spending this year is budgeted at $81.5bn, whilst the country is on track to earn just $25bn from oil and gas exports. Oil and gas export revenue was $60bn in 2014 and $63bn in 2013 when it accounted for a whopping 97% of export revenue (see table). With the collapse in earnings Algeria’s re...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016