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Oman: Oil Prices Bolster Economy, For Now
...nual statbook does not provide unemployment figures, nor use the term ‘unemployment’ once. Sultan Qaboos managed to quell considerable upheaval in 2011-12 during the Arab Spring; conditions have since grown worse. And with oil prices a far cry from the $105/B days of 2011-2013, throwing money at th...
Volume: 61Issue: 33Published at Fri, 17 Aug 2018 -
Algeria: Reserves Slump To 12-Year Low, But Country Has Bigger Problems
...Algeria’s foreign reserves stood at just $90bn as of end-May, well under half levels during the 2011-14 years of $100/B-plus crude. The IMF says it expects reserves to fall further to $83bn by end-2018 and below $50bn by end-2020 (see chart). But as the Washington-based institution makes cl...
Volume: 61Issue: 28Published at Fri, 13 Jul 2018 -
Qatar & Turkey: Brothers In Arms?
...up brought Abdel Fatah al-Sisi to power in Egypt relations with Qatar plunged to even worse depths than prior to Hosni Mubarak’s 2011 ousting. But even now the economic relationship between Qatar and Turkey is relatively menial, even in comparison to that between Ankara, UAE and Saudi Arabia – wi...
Volume: 61Issue: 26Published at Fri, 29 Jun 2018 -
Egypt: Economic Gains Threatened By Record Import Bill
...bounded from 2015-16 terrorist attacks, which came as numbers were already depressed by instability in the wake of the February 2011 ‘Revolution’. Revenues of $2.2bn for 1Q 2018 are up almost 70% year-on-year, though arrivals remain well down on the immediate pre-Revolution year of 2010, when the country ea...
Volume: 61Issue: 21Published at Fri, 25 May 2018 -
South Sudan Coffers Empty Amid Crippling Crude ‘Diversions’ To Khartoum
...ss of three-quarters of its oil export revenue in the wake of South Sudan’s July 2011 independence. Compensation was to be paid at a rate of $15/B, implying total monthly payments of $24.1/B until the ‘transitional’ payments were cleared. BEHIND FROM THE START South Sudan fell behind with pa...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Output Slump, Revenue Slump
...tput, some 350,000 b/d for 3Q 2011. But output rapidly slumped. Output was shut in for 15 months from early 2012 as the result of a standoff with Sudan over access to the newly-independent country’s sole export route via Port Sudan. In March 2013, the two countries signed a deal on transit fees an...
Volume: 61Issue: 19Published at Fri, 11 May 2018 -
Algeria Slashes Oil & Gas Investment
...e first one in six years that stands a hope of being hit (see charts). ALGERIA: KEY OIL AND GAS STATS 2011 2012 20...
Volume: 61Issue: 18Published at Fri, 04 May 2018 -
Lebanon: Can Donor Conference Success Right The Ship?
...esent problem since. Since 2011, the war in neighboring Syria has crippled economic growth (see chart), stunting the 9.2% average annual growth from 2007-2010 to a paltry 1.7% from 2011-2017 (see chart 2). With a bloated public sector, subsidized (yet inadequate) utilities and corruption a problem ev...
Volume: 61Issue: 15Published at Fri, 13 Apr 2018 -
Lebanon Looks To Put Fiscal House In Order
...With the world’s third highest debt-to-GDP ratio and annual growth averaging just 1.7% since 2011, the Lebanese economy needs crucial assistance. Saad Hariri’s government aims to cut this year’s deficit and upcoming donor conferences may help. But can efforts overcome the structural issues im...
Volume: 61Issue: 11Published at Fri, 16 Mar 2018 -
Algeria Notches Up $11bn 2017 Trade Deficit; Total Since 2015 Hits $45bn
...ve since become entrenched – the three deficits since have totaled $45.2bn. For 2017 MEES calculations indicate that it would have taken an oil price of $76/B to break even on trade. Spending on imports jumped in 2011 and rose strongly in each of the three subsequent years on the back of in...
Volume: 61Issue: 04Published at Fri, 26 Jan 2018 -
Has Egypt’s Economy Turned The Corner? Time Will Tell
...sition but with very few good news stories coming out of North Africa of late, the recent positivity is a welcome change for Cairo which has had to endure many difficulties since 2011’s Arab Spring. SUEZ CANAL 2017 TRAFFIC (MN TONS): CARGO INCREASES BUT REVENUE STILL BELOW 2014 LEVELS *EX...
Volume: 61Issue: 03Published at Fri, 19 Jan 2018 -
Saudi Foreign Reserves*
...ARE ON TRACK FOR A $45bn (8.4%) 2017 DRAWDOWN... ...BUT, HAVING FALLEN BELOW $500BN FOR THE FIRST TIME SINCE 2011 IN MAY, THEY HAVE SINCE STABILIZED AT JUST SHY OF THIS LEVEL ($bn) *SAMA NET FOREIGN ASSETS ($BN, END PERIOD). ^FORECAST BASED ON DATA TO END-NOV. SOURCE: SA...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Oman Plans Cut To 2018 Spending In Bid To Trim Deficit
...18 budget projects a $1.3bn fall in the country’s deficit. But at $7.8bn, almost 13% of GDP, this is hardly something to crow about. Particularly worrying is that the country will have recorded a deficit for 10 straight years – through the $100/B boom years of 2011-14 as well as recent, more co...
Volume: 61Issue: 01Published at Fri, 05 Jan 2018 -
Tunisia Oil Output Rebound From Protests, Fundamental Problems Remain
...oblems remain. Output has been in long-term decline, the result of a collapse in exploration. The country had over 50 active exploration permits at the start of the decade. The number fell after instability rose following the revolution at the start of 2011, which also saw key officials ousted and ot...
Volume: 60Issue: 49Published at Fri, 08 Dec 2017 -
Egypt Gets Debt Relief
...ost its dwindling forex reeserves after the 2011 revolution. Having fallen to $15.1bn in 2012, they hit a post revolution high of $36.5bn in September. Mr ‘Amir added that China has also agreed to extend the maturity of a $2.7bn three-year currency swap, signed with the People’s Bank of China last ye...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
US Lifts Sudan Sanctions
...cession of South Sudan in July 2011. Oil production was about 130,000 b/d in 2016, according to the latest data from the Sudan government. This is up compared to the previous four years, when output fluctuated in the 100,000-120,000 b/d range. But it is less than a third of the 462,000 b/d produced by th...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
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 -
Syria’s Ongoing Conflict Inflicts Huge Loss Of $226bn To GDP
...The conflict which has ravaged Syria since 2011 has taken an extraordinary human toll, with more than 400,000 killed and millions displaced. The destruction has also leveled much of the country’s infrastructure, inflicting cumulative GDP losses estimated at $226bn (in 2010 prices) by the end of...
Volume: 60Issue: 28Published at Fri, 14 Jul 2017