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Algeria Facing Fiscal Vulnerabilities Despite Recovery, IMF Warns
...y risks that include “global trade disruptions, conflicts including in the Middle East, and related commodity price volatility,” among others. 1: ALGERIA’S OIL OUTPUT IS DOWN 300,000 B/D SINCE THE LAST BID ROUND IN 2014, WITH THE FALL ONLY PARTLY DUE TO OPEC+ OUTPUT RESTRICTIONS* (‘00...
Volume: 68Issue: 39Published at Fri, 26 Sep 2025 -
Oman Wields Oil Profits To Slash Debt In Fiscal Reform Push
...in shocks of the 2014-15 oil price crash and then the Covid-19 pandemic, the recently enthroned Sultan Haitham bin Tarik Al Said at the end of 2020 moved ahead with a series of reform packages to reorient the national economy (MEES, 17 September 2021). Oman is now more than halfway through the Medium Te...
Volume: 66Issue: 39Published at Fri, 29 Sep 2023 -
Asian LNG Imports: China Drives Demand Despite Record Overland Russia Volumes
...21 (30.1mn tons) came much more recently than that of Japan (88.51mn tons in 2014), the recent trend has been similar. Korea has reversed previous plans to phase-out nuclear power and as a result LNG is set to play a lower-than-previously-envisaged role in the country’s powergen mix. For 8M 2023 Ko...
Volume: 66Issue: 38Published at Fri, 22 Sep 2023 -
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 Export Revenues Surge Above $12bn
...As Europe’s gas crisis rumbles on, gas exporters are cashing in. Qatar’s export revenues topped $12bn in July for the first time since early 2014 and the gains could keep coming. Qatar’s export revenues jumped to $12.18bn in July, driven largely by its gas sector, enabling a mammoth $9....
Volume: 65Issue: 35Published at Fri, 02 Sep 2022 -
Morocco Renewables Plans Get Wind In Their Sails
...nfirmed it would supply twenty-seven 3.2MW wind turbines for the €140mn project, with commissioning scheduled for 2022. The US firm already manages Moroccan firm Nareva’s 200MW Akhfenir wind farm which was completed in 2014. 20-YEAR PPA As with Enel and Nareva’s Midelt and Boujdour wind farms, Ed...
Volume: 63Issue: 38Published at Fri, 18 Sep 2020 -
Oman Taps Debt Market To Cover Low Oil Revenues
...vid-19 pandemic and oil price crash came as the country was already on the brink of economic crisis. Unlike its fellow GCC oil producers, the sultanate’s more modest oil production has failed to cover its increasingly bloated public sector – particularly after the 2014 price crash (MEES, 26 July 20...
Volume: 63Issue: 37Published at Fri, 11 Sep 2020 -
Vision 2030: Is The Public Investment Fund’s Strategy Due An Overhaul?
...cal companies and real estate, such investment is challenging. Turning further to debt for financing is an option, but Saudi government debt is already on a sizeable upwards trend, with Moody’s estimating an increase from $12bn in 2014 to $140bn this year (see chart). IMF figures show debt soaring fr...
Volume: 61Issue: 38Published at Fri, 21 Sep 2018 -
Iran Offers Big Discounts To Retain Customers
...e last year before sanctions were tightened in 2012, these five bought 1.44mn b/d between them, before bottoming out at 971,000 b/d in 2014. They continued importing at that level thanks to waivers handed out by the US Obama administration, under which they escaped sanctions so long as they re...
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 Oil Addiction Deepens Despite Ambitious Reform Drive
...s despite average annual oil prices nearly halving against 2014. Saudi Arabia’s trade surplus was decimated accordingly (see table). More than a year after Vision 2030 was launched, very little has changed. Non-oil exports account for less than 25% of the total and after falling in value for the la...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Egypt: Economy Looking Up But Long Road Ahead
...ggest an annual figure of around $7bn based on normal seasonal trends – still below 2015 levels but almost double last year and still above 2013 and 2014 (see chart 3). FOREIGN RESERVES RIDING HIGH Aid from the IMF, the World Bank and other donors, as well as capital inflows from various sources ha...
Volume: 60Issue: 39Published at Fri, 29 Sep 2017 -
Bahrain Taps Debt Market For Record $3bn
...17, gross foreign exchange reserves stood at $1.7bn, down from nearly $6.0bn at the end of 2014. This implies less than one month of current account payment coverage,” S&P said at the time. Although latest figures show this rebounding to $2.5bn at end-April. Fitch assigns Bahrain the highest ra...
Volume: 60Issue: 38Published at Fri, 22 Sep 2017 -
Algeria Shuns Foreign Debt… By Printing Money?
...nds de Regulation des Recettes (FRR), a reserve fund intended for counter-cyclical spending, has been empty since February, whilst the country’s foreign currency reserves have collapsed from $179bn at end 2014 to just over $105bn at end-July. The IMF projects further falls to $79bn by end-2018 and $55...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Saudi Takes First Steps To Rein In Bloated Public Sector
...blic Investment Fund (PIF) which in turn is expected to spend money in the economy and boost domestic liquidity. Although the plunge in oil prices has seen government revenues collapse from $279bn in 2014 to just $137bn under the 2016 budget, spending has fallen by much less. It has fallen just $69...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Iraq Plans For $42/B In 2017, Exports At 3.75mn b/d
...y the capital investment budget, the government will borrow ID6.5 trillion ($5.6bn) in order to make loans to businesses in agriculture, industry and housing. The government exhausted its own cash reserves in 2014, and has been able to continue paying public sector salaries – unlike in the KRG – on...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Islamic Finance: A Young Industry Put To The Test
...eir assets by 12% in 2014 but this fell to 7% in 2015, according to a report published by S&P Global earlier this month (see chart 1). S&P Global predicts this slowdown will persist in 2016 and 2017, with growth stabilizing at around 5%. S&P cites two key factors as acting as a brake in 2017: the im...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
SEC Secures $1.3bn Sukuk
...rkets. Although SEC received a $13.2bn ‘soft loan’ from the Ministry of Finance in March 2014, it has raised $21.3bn from the finance sector. The loan is SEC’s first sukuk since January 2014. SEC has followed a recent GCC trend away from Islamic financing (see main story). It takes borrowing this ye...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Kuwait Subsidies Row Hampers Efforts To Cut Record Deficit
...15-16 2014-15 REVENUE 10.24 -3.36 -27.2 13.60 24.93 of wh...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016