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Saudi Energy Minister: We Will Make Money From The Energy Transition
...edstock through ten projects. The improved generation efficiency this will yield is a key part of plans to boost overall efficiency from 40% last year to 44% by 2030 – up from 37% in 2017. The conversion projects aren’t named, but with an average capacity of 2.3GW per project they clearly entail the up...
Volume: 67Issue: 44Published at Fri, 01 Nov 2024 -
Kuwait Sees Eighth Consecutive Deficit Despite Oil Revenue Surge
...tween the legislative and executive branches of government. Even a debt law required to ease the government’s reliance on direct oil revenues by tapping into its dollar reserves has been stuck since October 2017. Kuwait’s bloated government expenses have depleted its General Reserve Fund (GRF) by some KD...
Volume: 65Issue: 47Published at Fri, 25 Nov 2022 -
Egypt’s Midsize Gas Producers: Output Down But Receivables Down Too
...ich saw production average 148mn cfd during the first nine months of 2021, down 45% from 2017’s 270mn cfd. Output was just 137mn cfd (28,100 boe/d including liquids) for Q3 with the firm guiding a further fall to just 127mn cfd for Q4 (see chart 1). Though output is set to fall yet further in the fi...
Volume: 64Issue: 46Published at Fri, 19 Nov 2021 -
Qatar Quarterly Export Revenues At 7-Year High
...ports was the highest in MEES quarterly figures stretching back to 2013, as Qatar benefitted from the strongest market for refined products since its 146,000 b/d Ras Laffan II condensate splitter started up in December 2016 (MEES, 6 January 2017). ...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Iraq Appoints KPMG To Audit Key China Oil-For-Infrastructure Credit Line
...tractive Industries Transparency Initiative, these deductions were paused from 2015 to 2017 when Iraq faced “security constraints” as ISIS took large swaths of the country. After the UN-mandated Kuwaiti deductions, the funds are then moved to an oil settlement account in China where deductions ar...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Iran Gasoline Prices Hike Fuels Nationwide Protest
...an the large demonstrations of December 2017 when 22 people were killed in many cities and towns in protest against poor living conditions (MEES, 19 January 2018). The Ministry of Interior warned the protesters that security forces will step up action against them to restore calm if their “il...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Iran Crude Exports Go Dutch?
...Rotterdam, was long the key international trader in Iranian products: in January 2017 it inked a $1bn pre-finance deal with Tehran to be repaid from products exports. However former CEO Ian Taylor explicitly told MEES in October 2018 that the firm had no intention of trading with Iran under US sa...
Volume: 62Issue: 47Published at Fri, 22 Nov 2019 -
Saudi Arabia Expects Large Budget Deficits Until 2022
...SR1,048bn ($279bn) from SR1,106bn ($295bn - see table). The Saudi Finance Ministry issued its pre-budget statement for 2020 on 31 October. For 2020, the ministry projects the deficit will widen to SR187bn ($50bn), its highest figure since 2017 and equivalent to 6.5% of GDP. The reason for this 43...
Volume: 62Issue: 45Published at Fri, 08 Nov 2019 -
Saudi Arabia Bags $118bn Trade Surplus In 9M 2018
...Falling oil prices since October augur Q4 reversal. Saudi Arabia’s export revenues over the first nine months of 2018 are already within touching distance of the full year 2017 figure. The kingdom’s latest trade data shows that export revenues over the period are up nearly 27% ($58.7bn) ye...
Volume: 61Issue: 48Published at Fri, 30 Nov 2018 -
Oman Economy Set For Strong 2018 Finish
...er the same period last year – a 46% decrease that reflects the all-powerful role international oil prices play in Muscat’s economic wellbeing. If the government can keep end-year spending under control, MEES estimates a full-year deficit of around $5.5-6bn versus $9.76bn in 2017. Such a su...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Iran’s Deficit Soars As Economy Sags
...$1=IR42,000). This shortfall is more than twice the projected deficit of IR164.5 trillion for that period. Indeed, it has already exceeded the projected full year deficit of IR322 trillion. Iran posted a budget deficit of $8.2bn in 2017-18 (IR 270 trillion; MEES, 20 July). To plug the 1H deficit th...
Volume: 61Issue: 47Published at Fri, 23 Nov 2018 -
Tunisia Struggles To Cash In On Democracy
...the revolution, growth slumped to average less than 2% since 2013, though the 2.7% figure (annualized) for 1H 2018 is a modest improvement on 2016’s 1.0% and 2017’s 1.9%. That said, most experts reckon that growth of at least 5% will be needed to make a serious dent in unemployment. On the se...
Volume: 61Issue: 46Published at Fri, 16 Nov 2018 -
Saudi 9M Stats Show Kingdom Almost In The Black: Too Good To Be True?
...Freshly-released official Saudi figures show the kingdom’s deficit falling to just $13.1bn for the first three quarters of 2018, and just $2bn for each of Q2 and Q3. The nine-month deficit is down a whopping 60% from the $32.4bn deficit over the corresponding period of 2017. Pro-rating th...
Volume: 61Issue: 45Published at Fri, 09 Nov 2018 -
Egypt Economy Marches Upwards, But Higher Oil Prices Hit Subsidy Reforms
...Egypt’s economy is on the mend. Its current account deficit shrunk by almost 60% to $6bn for the 2017-18 financial year. But higher oil prices could derail the country’s subsidy reforms and it’s still on track for a massive budget deficit this year. Two years on from Cairo’s November 20...
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
...lling roughly $60bn of its dollar reserves in the second quarter of 2015 alone. According to the most recent figures available, SAMA’s net foreign reserves fell to a new six-year low of $485bn at the end of September (MEES, 3 November). The reserves fell $50.6bn in the first nine months of 2017...
Volume: 60Issue: 46Published at Fri, 17 Nov 2017 -
Adnoc Makes $9bn Splash In International Finance Markets
...onomies. Saudi Arabia is the biggest government lender, with a recent $12.5bn bond. The Abu Dhabi government last month issued a $10bn three-tranche international bond and the Adcop bonds take to $53.5bn the amount raised by GCC international bond issues so far 2017 (MEES, 6 October). Among state pe...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Saudi Eyes Blowout Budget For 2018 Despite Low Oil Revenue
...ivate sector which has hitherto been reliant on state patronage. Mr Jad’an says Saudi Arabia plans to boost spending to SR928bn ($247.5bn) in 2018. On this face of it this is a 4.3% increase from the SR890bn ($237.3bn) budget figure for 2017. However actual spending in the first half of 2017, at SR...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
IMF Latest Breakeven Oil Price* Estimates ($/B)
...FOR GCC COUNTRIES... …AND OTHER KEY MENA OIL EXPORTERS *OIL PRICE AT WHICH FISCAL BALANCE IS ZERO. SOURCE: IMF REGIONAL ECONOMIC OUTLOOK, OCT 2017....
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Iran Tells Banks To Comply
...ogress in implementing the set “Action Plan” (MEES, 1 July 2016). The waiver was extended in June 2017 for a further unspecified period of time. Ensuring compliance by these institutions comes at a crucial time as more US sanctions loom. President Donald Trump in mid-October refused to certify Ir...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017