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Output Slump, Revenue Slump
...le state in the northeast has also dropped, from about 220,000 b/d in November 2013 to an average of 150,000 b/d for 2015 and just 120,000 b/d for 2016 and 2017 (see chart). The collapse in global oil prices from mid-2014 compounded the woes. CRUDE ‘DIVERSIONS’ SINCE 2Q 2015 HAVE LAGGED EVEN ON...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Saudi Oil For Sudan
...dan and Saudi Arabia, which backed the lifting of key US sanctions against Sudan in October (MEES, 13 October 2017). Riyadh’s ambassador to Khartoum, Ali Hasan Ja’far, said on 6 May that the kingdom plans to sign several defense and economic cooperation agreements with Sudan involving “unlimited Saudi in...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Algeria Slashes Oil & Gas Investment
...Algerian state oil firm Sonatrach is finally having to learn to live within its reduced means. Key oil and gas figures for 2017, released by Abdelmoumen Ould Kaddour, CEO of state firm Sonatrach on 2 May, indicate that the company, which dominates the country’s upstream slashed capex by 8....
Volume: 61Issue: 18Published at Fri, 04 May 2018 -
Egypt: $4bn Kuwait Relief
...tober 2017). This will afford Cairo some breathing space regarding its debt relief. With the $6bn from Egypt’s key Gulf backers rolled over, Cairo is now slated to repay $13bn to foreign creditors by the end of 2018, Mr Amir says. The three creditor states rushed to rescue Egypt in 2013 with ma...
Volume: 61Issue: 18Published at Fri, 04 May 2018 -
Iran Doubles Down On Unpopular Currency Exchange Controls
...2017, the economy is projected to rise by 4% in 2018, according to the IMF’s April WEO. Official reserves in fiscal 2017-18 (ending 20 March 2018) were estimated at $112bn and are projected to rise to $125bn in 2018-19, although the easy accessible reserves might be less. MEES estimates Iranian oi...
Volume: 61Issue: 17Published at Fri, 27 Apr 2018 -
Egypt Plans Further Cuts To Energy Subsidies
...rrent 2017-18 financial year envisages a spend of $7.8bn, whilst the most recent ‘actual’ figure had spending at $10.1bn for 2016-17. The 2016-17 spend was actually up on the previous year’s $9.8bn. Whilst the dollar-terms rise is a modest 3%, in local currency terms the leap in spending in energy su...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Qatar Tops Saudi Bond
...sewhere – Kuwait is eying a double-digit $bn issue (MEES, 2 February). Experts canvassed by MEES forecast 2018 GCC issues of $80-90bn, smashing 2017’s record $50.5bn (see chart and MEES, 30 March). Qatar’s issue marks its first international bond in almost two years: it last raised $9bn in May 2016 (ME...
Volume: 61Issue: 16Published at Fri, 20 Apr 2018 -
Iran Unifies Exchange Rate In Last Resort To Halt Plunging Rial
...om $59bn in 2017 to $72bn in 2018. ...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Lebanon: Can Donor Conference Success Right The Ship?
...rkish ‘power ships’ producing around 370 MW from fuel oil, and nix plans to tender another two power ships for 800 MW. A shift from fuel oil toward gas-fired plants would also ease the eventual transition toward domestically produced gas, should offshore exploration efforts pan out (MEES, 15 December 2017...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Sonatrach Slashes 5-Year Spending Plan: Is It Finally Getting Real?
...ar’s $75bn for 2017-21 and little more than half the $100bn planned for 2014-18. But muddying the water is that actual spending in recent years has seriously lagged the planned figures. Each plan has presumed that ‘one more year’ of austerity will be followed by four years of higher oil prices and in...
Volume: 61Issue: 14Published at Fri, 06 Apr 2018 -
Gulf Bonds In 2018 Another Bumper Year?
...After issuing a record $50.5bn in international bonds in 2017, GCC sovereigns are poised for another bumper year despite rising oil prices easing fiscal pressures. GCC sovereigns raised a record $50.5bn in international bonds in 2017, smashing 2016’s previous record of $37bn, according to...
Volume: 61Issue: 13Published at Fri, 30 Mar 2018 -
Oman Looks To Foreign Firms and Downstream To Combat Economic Woes
...t of the way early in issuing a $6.5bn bond, its largest ever, in January as Oman will likely have to offer higher rates following the downgrade (MEES, 2 February). Despite the concerns, the very reliance on oil and gas (about 77% of total revenues in 2017), means the hydrocarbons sector is cr...
Volume: 61Issue: 12Published at Fri, 23 Mar 2018 -
Lebanon Looks To Put Fiscal House In Order
...pan can boast higher). Before passing the 2017 budget last year (MEES, 4 August 2017), parliament hadn’t passed a budget since 2005. Despite this the country posted annual GDP growth averaging 7.7% from 2006 to 2010. Lebanon’s political class used the absence of a budget to rack up massive deficits wh...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Iraq Budget Under Threat
...maining $3.23bn yet to be disbursed (MEES, 4 August 2017). The IMF funds themselves are important but not necessarily crucial for the Iraqi economy given that MEES estimates Iraq’s oil exports are on track to rise $10bn in value this year (MEES, 9 March). But the IMF’s seal of approval on Iraq’s halting ec...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Saudi: Major 2017 Oil Revenue Gains, But Non-Oil Disappoints
...Saudi Arabia strengthened its trade balance in 2017 with its surplus more than doubling to $95bn. Healthier oil prices more than offset lower export volumes, boosting export revenues, but the government’s efforts to invigorate the non-oil sector continue to fall flat. Saudi Arabia has be...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Saudi Arabia Starts Year Of Heavy Borrowing
...Saudi is gearing up for another year of heavy borrowing on the back of record 2016-17 fundraising (MEES, 29 September 2017) as it seeks to kickstart its economy. It’s starting with refinancing a $10bn international loan raised in 2016. The original loan, for five years, was Saudi Arabia’s fi...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
Growing Saudi’s Non-Oil Economy: A Mirage In The Desert?
...tervention Centre, which is working on the revamp, overall implementation of the NTP is still planned for 2020 but some targets will be pushed back to 2025 and 2030. Completion of the revamped NTP known as “NTP 2.0” was scheduled for the end of October 2017 according to the same document but has yet to ma...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Crude Official Selling Prices ($/B)
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE. ...
Volume: 61Issue: 09Published at Fri, 02 Mar 2018 -
Egypt Economy On Track But Long Road Ahead
...ys. Overall, the IMF expects annual growth to average “4.8% in 2017-18 and rise further to around 6% in the medium term.” By comparison, the economy grew 4.2% in 2016-17. Looking at selected macroeconomic indicators, Egypt appears to be “broadly on track.” Last year’s 4.2% growth exceeded the IM...
Volume: 61Issue: 08Published at Fri, 23 Feb 2018 -
Iran Scrambles To Stop Rial Depreciation, Risks Boosting Inflation
...position to any such efforts. Latest data from the CBI on the first nine months of fiscal year 2017-18, which began on 21 March, show that budget deficit is running at IR385 trillion, or IR514 trillion, prorated for the full year. At the set budget rate of $1=IR33,000 this is equivalent to $15.6bn, bu...
Volume: 61Issue: 08Published at Fri, 23 Feb 2018