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Egypt’s Financial Woes Mount: Record Debt & Deficit As Devaluation Looms
...th the IMF. But as oil prices have risen in recent years gasoline and diesel subsidies have reappeared by the back door (MEES, 10 November). The E£119.4bn ($3.9bn) budgeted for 2023-24 spending on oil products subsidies is the highest since 2017-18 in Egyptian pound terms and 2018-19 in dollar te...
Volume: 66Issue: 50Published at Fri, 15 Dec 2023 -
Saudi Arabia Budgets For $21bn Deficit In 2024
...sults, which show a 41.5% year-on-year increase to $54.1bn in capital expenditure. This is the highest figure since 2017, and with much of the investment responsibilities having been moved off-budget to state entities such as PIF, this indicates significantly higher investments than six years ago. De...
Volume: 66Issue: 49Published at Fri, 08 Dec 2023 -
Kuwait’s Four Year Government Program Gets Little Support
...d 2021/22 (to 31 March 2022), but since September 2017 the government has been unable to raise debt to finance these deficits as parliament has repeatedly blocked the passage of a debt law allowing state borrowing. MPs have largely cited their opposition to the law by saying that instead of bo...
Volume: 66Issue: 30Published at Fri, 28 Jul 2023 -
Qatar Q1 Export Flows Normalize As LNG Spot Markets Cool
...gan supplying Bangladesh in 2018 under a 15 year contract to 2033 which was signed in 2017 (MEES, 30 June 2017). This follows previous deals for NFE volumes from 2026, including a 15-year 2mn t/y agreement in November with ConocoPhillips to supply Germany (MEES, 2 December 2022), and a massive 4m...
Volume: 66Issue: 22Published at Fri, 02 Jun 2023 -
Israel Sees Gas Export Revenues Surge 58% To Record $2.3bn for 2022
...a. Deliveries begun way back in 2017 – until the start-up of Leviathan at the end of 2019 these were Israel’s only gas exports – and rose 6% to 18mn cfd for 2022. *But whilst Jordan may be a steady market in volume terms, it has outperformed Egypt in terms of price. Tamar earned a record $7....
Volume: 66Issue: 14Published at Fri, 07 Apr 2023 -
Cairo Launches $10bn Privatization Drive In Bid To Plug Financing Hole
...ile Egypt agreed to hand over the two islands in 2017 in a deeply unpopular move (MEES, 4 August 2017), it has yet to finalize the deal. EGYPTIAN STATE-OWNED ENTITIES SLATED FOR 2023 PRIVATIZATION *NREA (NEW AND RENEWABLE ENERGY AUTHORITY). **SCA (SUEZ CANAL AUTHORITY). ^CBE (CENTRAL BA...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Kuwait’s KPC Suffers Steep Budget Cuts
...e third GCC member of Opec is on an altogether different path. Kuwait’s production capacity has been shrinking in recent years. State firm KOC, which is responsible for the bulk of Kuwait’s upstream operations, saw capacity decline from 3.15mn b/d for 2017/18 to 2.63mn b/d in 2020/21 (financial ye...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Kuwait Plans ‘Extraordinary’ $87bn Budget For 2023-24
...6.83bn ($22.5bn). Still, absent a huge oil price shock, Kuwait still looks set to generate a sizable deficit next year. Financing the deficit will remain a challenge for Kuwait, which has been unable to raise debt since 2017 as parliament has repeatedly blocked a new debt law. TAPPING STATE EN...
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Oman LNG Export Revenues Set To Smash Annual Record
...talEnergies (5.54%), Korea LNG (5%), PTTEP (2%) and a trio of Japanese firms. GAS REVOLUTION The start-up of BP’s 1bn cfd Khazzan tight gas project in 2017 spurred Oman’s gas success, with the second phase 500mn cfd Ghazeer play boosting production when it came online in October 2020. Do...
Volume: 65Issue: 50Published at Fri, 16 Dec 2022 -
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 -
Oman Oil Exports Revenues Hit New Record
...the 2017 expansion of its Sohar refinery to 197,000 b/d in 2017 (MEES, 11 February 2017). Products export revenues more than doubled in May to $680mn. While this was just a fraction of crude export revenues, it smashed the previous record of $360mn.The planned Q1 startup of the 230,000 b/d Duqm re...
Volume: 65Issue: 35Published at Fri, 02 Sep 2022 -
Oman: Fitch Upgrade
...scat is looking to streamline its debt portfolio having “prepaid the remainder of the pre-export financing facility taken out in 2017 ($1.3bn) and repaid a maturing $3.6bn loan from China.” The Fitch upgrade follows that of S&P which upgraded Oman to ‘BB’ with a stable outlook in April 2022. ...
Volume: 65Issue: 33Published at Fri, 19 Aug 2022 -
Oman’s Economy Rebounds With $2bn 1H Surplus
...ndensate’s exemption from Opec+ cuts since January 2020 (MEES, 6 December 2019). GAS AMBITIONS Ç And condensate output is set to continue to rise over the longer term given the sultanate’s focus on developing gas/condensate plays. The 2017 start-up of BP’s 1bn cfd Khazzan tight gas project re...
Volume: 65Issue: 32Published at Fri, 12 Aug 2022 -
Saudi Budget Surplus Tops $20bn
...Saudi Budget Surplus Tops $20bn Freshly released Ministry of Finance figures show that Saudi Arabia posted a $20.8bn surplus in Q2 – by far the highest figure since the ministry began releasing quarterly figures in 2017. Revenues were up across the board, rising by nearly $25bn to $98...
Volume: 65Issue: 31Published at Fri, 05 Aug 2022 -
KRG Revenues Up But Dire Finances & Political Disputes With Baghdad Linger
...loitte began auditing the sector in 2017. Once Q2 figures are released they should show a further increase given that oil prices surged in late February following Russia’s invasion of Ukraine and have remained over $100/B for most of the period since. Nevertheless, the Ministry of Natural Re...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
Qatar Gas Exports Surge To Five Year High
...Qatari gas exports bounced back to five-year highs in April as seasonal maintenance work on LNG facilities was completed. Exports jumped above 16bn cfd in April for the first time since January 2019, and hit their highest level since June 2017 according to the latest figures from Jodi, pr...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
Egypt Foreign Reserves At 5-Year Low As Cairo Awaits IMF Cash
....5bn at end-May, down $1.6bn on a month earlier for the lowest figure since June 2017 (see chart). This comes as Egypt’s economy continues to reel from high commodity prices linked to Russia’s invasion of Ukraine. Reserves have been on a downward trend since February despite key Gulf ally Saudi Ar...
Volume: 65Issue: 23Published at Fri, 10 Jun 2022 -
Saudi Arabia Surges To $15bn Q1 Surplus
...INS Total revenues in the first quarter amounted to $74.1bn, the highest quarterly figure in ministry data stretching back to 1Q 2017. Within this, oil amounted to $49bn (66%), the highest figure since 3Q 2018’s $49.1bn (see chart 2), as Brent crude averaged $98/B for the quarter. With oil prices co...
Volume: 65Issue: 20Published at Fri, 20 May 2022 -
Food & Fuel: Surging Prices Spell Mixed Fortunes In North Africa
...BYA (2018) AND ALGERIA (2017). SOURCE: WORLD BANK. 2: PRICES OF MAJOR FOOD PRODUCTS HAVE SOARED OVER THE PAST FEW MONTHS* *FAO FOOD COMMODITY PRICE INDICES SHOW CHANGES IN MONTHLY INTERNATIONAL PRICES OF MAJOR FOOD COMMODITIES. 2014-2016 PRICES USED AS BASE. SOURCE: FOOD AND AG...
Volume: 65Issue: 16Published at Fri, 22 Apr 2022 -
Oman Oil Output Hits New Heights In Q1 As Revenues Soar
...st notably the 2017 start up and subsequent expansion of the BP-operated Khazzan tight gas development – Khazzan’s condensate capacity is around 60,000 b/d (MEES, 16 October 2020). Condensate production was restricted by Opec+ commitments between January 2017 and January 2020, but is now exempt fr...
Volume: 65Issue: 13Published at Fri, 01 Apr 2022