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Turkey Claims Iraq Owes Nearly $1bn In Net Arbitration Damages
...accrue further interest until payment, or amicable resolution. Turkey’s claim is that “Iraq’s damages date from 2014 to 2018 – a period of relatively low [Turkish] bond yields,” and therefore “far more interest has accrued on Türkiye’s damages” which date back to 1990 until 2011. Based on...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Qatar’s Revenues From Europe Sales Balloon Amid Ukraine Fallout
...2011 over the first half of the year (see chart 3). Qatar supplied 4.36bcm (3.2mn t/y) in the first half of the year, up slightly year-on-year, but the biggest gains have been from the US. Qatar is well placed to increase LNG supplies to the UK once its expansion trains begin to come online fr...
Volume: 65Issue: 37Published at Fri, 16 Sep 2022 -
Lebanon Declares ‘State Of Economic Emergency’
...the honor of the third highest debt-to-GDP ratio in the world (around 150%; behind only Greece and Japan). Low growth since 2011 – about 1.4% annually, due in large part to the outbreak of war in neighboring Syria – has merely exacerbated the problem. Through remittances, foreign direct in...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Iran Offers Big Discounts To Retain Customers
...dn’t have to cut prices to such levels even during the previous tightening of sanctions from 2011-2016 (see chart 1). Iran’s five key Asian buyers took 1.66mn b/d for 2017, 68% of Iran’s 2.46mn b/d crude and condensate sales, highlighting their critical importance to the Iranian economy. In 2011, th...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Japan Set To Follow South Korea and France In Halting Iran Oil Imports
...lumes from 2011 levels, with further cuts in 2014. But India and China, having made more modest cuts in 2012 and 2013, all-but reversed these in 2014 when it became clear that then US President Obama was keener to avoid conflict than enforce sanctions (see chart and MEES, 6 February 2015). This ti...
Volume: 61Issue: 36Published at Fri, 07 Sep 2018 -
Algeria’s Risky ‘Cash Creation’ Plan: From One Pocket To The Other
...ree years. Algeria’s hydrocarbon-dependent economy has been hit hard by the collapse in oil prices since the second half of 2014; its hydrocarbons revenue fell to just $27.1bn last year from $71.4bn in 2011, though recent oil price rises mean it may just avoid a third straight $10bn-plus trade de...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Saudi Raises Bumper $12.5bn International Bond
...ndraising to finance its fiscal deficit rather than deplete its foreign exchange reserves. But though the rate of decline here has slowed, Saudi reserves continue to fall, hitting $487.7bn at end-August, the lowest level since early 2011 and down a third from $732bn at end-2014. In addition to the la...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Algeria Shuns Foreign Debt… By Printing Money?
...17, and a whopping 95% of export earnings, to $27.1bn last year from $71.4bn in 2011. The amendments, part of a “crisis plan” for which recently-appointed Prime Minister Ahmed Ouyahia will seek parliamentary approval on 17 September, were adopted at a 6 September cabinet meeting chaired by Pr...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Egypt Struggles To Raise Money For Imf ‘Bilateral Financing’
...mewhat from $39.1bn for 2014-15 to $37.6bn for 2015-16 due in part to sustained low oil prices. • With the rise in the current account deficit, Egypt’s foreign exchange reserves remain under pressure. The $16.6bn end-August figure is less than half their level before the January 2011 revolution....
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
IMF To Assist Egypt In Raising Bilateral Aid
...e first seven months of 2016, down 2% from the same period of 2015 and 7% from the same period of 2014 (see chart 2). At least this ‘fall’ can be put down to the strength of the dollar. The same cannot be said for tourism revenues which have been in free fall since the January 2011 revolution. Re...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Egypt Plans VAT At 13% From 1 October
...nishment through higher fines and prison sentences. Egypt’s economy has been struggling since the 2011 revolution which brought with it political instability, driving away tourists and foreign investors, who provide a major source for foreign exchange. Egypt’s foreign currency reserves are down by more th...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
S&P Junks Iraqi Bond
...GDP in 2014. S&P is also projecting public debt to rise to 65% of GDP in 2015-18 from about 39% in 2014. With the collapse in oil prices, the agency expects the current account which had an average surplus of 10% of GDP in 2011-14 to turn to a deficit averaging 3% of GDP in 2015-18. Iraq plans to...
Volume: 58Issue: 37Published at Fri, 11 Sep 2015 -
Crisis-Proofing Middle East Oil Exporters’ Purchasing Power
...nance social welfare and infrastructure investment. The anxiety over popular discontent prompted the kingdom to increase social spending by $130bn following the ‘Arab Spring’ of 2011. Such expenses will only become more costly if alternative sources of revenue, such as manufacturing, tourism, and fi...
Volume: 57Issue: 39Published at Fri, 26 Sep 2014 -
Syrian Economy Permanently Degraded
...aces block-to-block, along lines foreign to Syrians as recently as 2011. The extremists of the Islamic State control large swathes of territory in the east of the country. Kurdish militias have carved out enclaves for their constituents. The regime controls the capital, the coast, and several of the ke...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Algeria Maintains High Defense Spending In 2015
....3bn) is up 9.6% on the 2014 budget in nominal terms, following a higher increase still of 15.7% over 2013. The budget allocations for defense spending surged in 2011 by 49.5% over 2010. Total expenditure in the draft bill is projected to increase by 15.7% to AD8,858bn ($112.1bn), while total re...
Volume: 57Issue: 38Published at Fri, 19 Sep 2014 -
Gunvor Mideast Push
...nce blossomed into a top bunkering and trading hub. Gunvor later followed the same path towards vertical integration when it bought two refineries in 2011: an 110,000 b/d plant in Ingolstadt, southern Germany and a 107,500 b/d refinery in Antwerp, Belgium. While most of the major trading firms now ha...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014 -
Tunisia Eyes Foreign Investment Tonic
...pends on stability and economic regeneration. Mr Jomaa told this week’s “Invest in Tunisia: Start Up Democracy” conference in Tunis “we forgot about the economy over the past three years but the economy did not forget us,” referring to the political and social crisis that has engulfed Tunisia since 2011...
Volume: 57Issue: 37Published at Fri, 12 Sep 2014 -
Syria Eyes Iran For More Aid
...lumes to the Assad regime) its output volumes are thought to be way below nominal capacity levels (MEES, 25 July). Currency Pounded The local currency, which has depreciated since early 2011, has of late come under renewed pressure, losing value on both the official and black markets. On the of...
Volume: 57Issue: 36Published at Fri, 05 Sep 2014 -
Sudan Delays Ending Fuel Subsidies
...er implementation of the controversial policy. Sudan’s economy is still reeling from the significant drop in state revenues associated with the loss of around 75% of its former 450,000 b/d crude oil production when South Sudan seceded in July 2011 (MEES, 11 July). Oil income was – and still is...
Volume: 56Issue: 38Published at Fri, 20 Sep 2013 -
Kuwait Budget Surplus Falls As Spending Soars
...KUWAIT Kuwait Budget Surplus Falls As Spending Soars Kuwait realized a budget surplus of KD12.70bn ($44.45bn) in 2012-13, according to the finance ministry’s closed accounts. However, the net surplus falls to KD4.7bn ($16.45bn) – less than half the 2011-12 figure – after th...
Volume: 56Issue: 36Published at Fri, 06 Sep 2013