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Egypt: Power Price Hike, Or Back To The Future?
...nancial year. But it saw spending on power subsidies soar to hit E£64bn for 2016-17. The 2017-18 budget estimated a fall to E£28.6bn (MEES, 25 May). The plan was that electricity subsidies would have been completely phased in the upcoming financial year. But, wary of public opinion, President Sisi re...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Gulf Countries Throw Jordan A $2.5bn Lifeline Amid Unrest
...cent recovery in oil prices, the GCC states are in a better position to fulfill their latest promises and disburse the pledged aid promptly to cash-strapped Jordan, but the aid still won’t even meet the gap left between 2017 and 2018 after the 2011 GCC package expired. PLAYING HA...
Volume: 61Issue: 24Published at Fri, 15 Jun 2018 -
Iraq-Iran Oil Swaps: Less Than Meets The Eye
...der to consume the crude domestically. KIRKUK’S WASTED CAPACITY The deal was initially reached in December 2017 as a supposedly quick solution to shut-in Kirkuk crude, but security concerns in Diyala and Kirkuk provinces have been a constant impediment (MEES, 23 February). When Federal Ir...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Qatar Embargo One Year On: Anatomy Of Resistance
...One year on, Qatar has made no meaningful concessions to Saudi Arabia and its allies. Unimpeded oil and gas exports have enabled it to largely offset the disruption. The anniversary of the 5 June 2017 Qatar embargo summed up the entire situation in a nutshell. Qatari officials bizarrely cl...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Qatar Marks Embargo Anniversary With Exxon Tie-Up
...Doha has marked the 1st anniversary of the Saudi-led embargo with a high-profile Exxon hook-up. The move highlights the futility of efforts to isolate Qatar. After Saudi Arabia, UAE, Bahrain and Egypt imposed an economic embargo on Qatar on 5 June 2017 it swiftly became clear that Doha’s hy...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
ExxonMobil’s Rapidly-Expanding Mediterranean Presence
...7,000 b/d, just 16.5% of the total for 2017. US output has soared past MENA to account for 22.5% of the total. The share accounted for by North Africa and the Mediterranean remained steady. At zero that is. The firm’s only regional interests at the start of the decade were three deepwater blocks off Li...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Tunisia Upstream: Strikes Over, Decline Continues, Hope Delayed To 2019
...mand. Whilst output was slightly higher than the average figure for 2017 this was only ‘thanks’ to the massive series of strikes and sit-ins which crippled output last summer (MEES, 2 June 2017): output for 2017 as a whole, at 38,700 b/d was the lowest since 1966, Tunisia’s virgin year of oil pr...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Morocco Gas: Sound Plans
...s Maghreb-Europe line which connects Algeria with Spain via Morocco. Ownership of the Moroccan section is set to pass from Algeria to Morocco in 2021. Moroccan offtake from the route was 110mn cfd for 2017: the country’s sole gas imports, meeting 93% of consumption. This is the target market for Te...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Opec Eyes 25% Revenue Boost Ahead Of Vienna Meeting
...18 will hinge on the upcoming discussions. When the deal was initially struck in November 2016, uppermost among concerns were that as the market approached balance the incentive for members to cheat could grow too strong to resist (MEES, 26 May 2017). But the lean years of 2015-2016 when the group’s an...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
2017’s Biggest Opec Winners
...On a dollar basis, Saudi Arabia was the biggest Opec winner in 2017 with revenues up $23.5bn year-on-year. But as by far the biggest producer in the grouping, its annual revenue swings are typically the greatest. When looking at revenue changes on a percentage basis the clear winner was Li...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Jordan Protests Victorious As Government Nixes Imf-Backed Tax Bill
...reign aid (MEES, 13 April)—the conflict in Syria has severely stunted Jordan’s growth. Jordan averaged 6.6%/year GDP growth from 2005 to 2011 versus 2.6% since, with 2016 and 2017 the lowest yet. The World Bank expects Jordan to average 2.4% growth in 2018 —only up marginally from 2017 (see chart). Fr...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Iran: $19bn Korean Deals Threatened As Daelim Pulls Plug Over Funding Woes
...al to be completed – in the near-year between its original signing of the deal at the start of 2017 and Trump entering office (MEES, 13 January 2017). The contract was awarded to Daelim by Iranian state refiner NIORDC in early 2017, with a view to boosting output of light products and reducing fu...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
UAE Delays, Jordan Rethink Blur Mena Nuclear Vision
...nstruction nuclear reactors, has announced that fuel rods for the first of the plants will be loaded into the reactor in early 2020. This means that the first electricity from the Barakah-1 unit will not hit the grid until later in 2020 at the earliest – over three years after the May 2017 announcement of...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Iran: Growing Capital Outflow Threatens Economy Ahead Of Sanctions
...port on the crisis in Iran’s forex market. This showed a doubling of capital outflows from $20.2bn for the Iranian year to March 2017 to $39.2bn the following year; outflows soared to $13bn for the last quarter of that year. And that was before the US pulled out of the nuclear deal. The MRC also es...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Crude Official Selling Prices ($/B)
...*VS ICE BRENT FROM JULY 2017 PREVIOUSLY VS BWAVE. SAUDI ARABIA RAISES ASIA OSPs FOR JUNE 2018, KEY ARAB LIGHT TO HIGHEST SINCE JULY 2014 VERSUS OMAN/DUBAI BENCHMARK ($/B) OMAN/DUBAI=ZERO...
Volume: 61Issue: 23Published at Fri, 08 Jun 2018 -
Bahrain Takes $300mn Oil Revenue Hit From Abu Safah Outage
...om the Awali field operated by state firm Tatweer. Output here averaged 42,700 b/d for Q1, down 6.5% from 45,500 b/d in the same period in 2017. It is also a 10% fall from its October 2016 output of 47,500 b/d, which formed the baseline for its commitment to cut output under the Opec+ agreement (see p4...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Egypt Inches Towards Paying Off Receivables Bill
...ll in late 2014 when it halved dues to $3.1bn on the back of borrowed cash (MEES, 5 December 2014). EGPC has pledged to pay off receivables by mid-2019. VICIOUS CIRCLE EGPC can point to the sums it is owed by other ministries as a reason it has fallen so far behind with payments. As of late 2017...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Iran The Wild Card Amid Opec Pre-Vienna Posturing
...quiring a unanimous decision for production increases there is plenty of room for any prospective agreement to collapse. The current production restrictions have been in place since January 2017 and were extended to end-2018 during the last Opec+ meeting on 30 November (MEES, 1 December 2017). But the ex...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Mena Remittances Up 10% In 2017
...Remittances are a crucial lifeline to the region’s cash-strapped oil importing economies. Thanks largely to Cairo’s floatation of the Egyptian Pound in late 2016, Mena remittance inflows topped $56bn in 2017 after having fallen year-on-year since 2014. Egyptian inflows hit $20bn ac...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018 -
Algeria’s Planned Hassi Messaoud Refinery: Chinese, Korean Firms In The Running
...trojet. The planned Hassi Messaoud refinery is the only remaining element of once-ambitious plans to build four new 5mn t/y refineries. The original target date was 2017 (MEES, 21 September 2012), but this came and went with the 2016 award of a FEED contract to Amec Foster Wheeler subsequently cancelled. So...
Volume: 61Issue: 22Published at Fri, 01 Jun 2018