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Latest IMF Data: Iraq Was The Key MENA Loser From The 2015 Oil Price Collapse...
...RECAST) 2017 GDP GROWTH PROJECTIONS (% By DATE OF FORECAST) SOURCE: IMF WORLD ECONOMIC OUTLOOKS FOR RESPECTIVE DATES. OCT ‘16 REPORT PRESUMES $43/B FOR 2016 AND $51/B FOR 2017 (AVERAGE OF BRENT/WTI/DUBAI)....
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Russian Oil Output Breaks 11mn B/D In September, On Track For Annual Record
...nvinced that Opec producers will follow through on last week’s output deal. The country will continue to use a $40/B Urals crude price assumption in its 2017-19 budget planning. The rise in Brent to $50/B after the 28 September Opec announcement may just be a blip he told an investment forum in Sochi, Ru...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
Jordan Secures Finance For 50MW Solar Project, Brings 43MW Online
...oposed 49.5MW Daehan wind farm at Tafila, for which Korea’s Daelim and Kosco have signed a power purchase agreement with Jordan’s Ministry of Energy. The partners aim to begin construction in 2017 for start-up in 2019. SOLAR START-UPS Jordan has recently started up its first solar plants, in th...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
OPEC Agrees To Cut, Now The Hard Work Starts
...rst is now behind it, with the futures curve indicating a less painful 2017, with earnings rising back above the $500bn mark to within touching distance of last year’s figure (see table). As the largest producer, Saudi Arabia’s earnings have fallen the most, by an estimated $130bn this year alone, bu...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
IS, Syria, Yemen – World Leaders Face ‘Crisis-Control’ On Multiple Fronts, IISS Says
...ipman. “Multiple strategic earthquakes” have left “world leaders in a constant state of crisis control.” As a result, said Mr Chipman, “foreign policy has become and will continue to be in 2017 a branch of psychology. Managing competing interests or settling neat balances of power…will be superseded by th...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Kurdish Political Unity Fragments As Barzani Reaches Out To Baghdad
...litics is becoming increasingly fractious and there is a growing geographical split between the KDP-dominated Erbil and the PUK/Goran-stronghold of Sulaymaniyah. With parliamentary elections due by September 2017, the region’s political stability could deteriorate further. Its demise was the cu...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
IOCs Stall KRG Investment On Renewed Payment Concerns
...invest $71mn at Shaikan over 2016 and 2017 ($35.5mn/year) to maintain production at 40,000 b/d, rising to $88mn to increase this to 55,000 b/d. Some $13mn of the additional spend would be for a third production facility. Investment is therefore $3.4mn below the level needed to maintain output an...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Iraq Plans For $42/B In 2017, Exports At 3.75mn b/d
...Iraq is to base its 2017 draft budget on an oil price of $42/B and exports of 3.75mn b/d. Both figures look broadly realistic, albeit with some key caveats. The Iraqi government’s statement on the 2017 draft budget, released 27 September, adopts a $42/B oil price assumption that errs on th...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Abu Dhabi Ramps Up Offshore Drilling But Targets Remain Elusive
...19. But first oil has been gradually pushed back, initially into the second half of 2017 and now into early 2018. Individual aspects of the project continue to get delayed. UK firm Petrofac was awarded a $500mn EPC contract in 2013 for SARB package 3, to be completed by April 2016. But Petrofac’s 2015 re...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Egypt’s Gas Output: Has It Turned A Corner?
...derlying decline). The additions, which equate to 8% of current output, are good news for Cairo as it fights to overcome a gas deficit before its two key expansion projects, the BP-led 5 tcf West Nile Delta and Eni’s 25 tcf Zohr come online in late 2017. Annual Egyptian gas output peaked at 6.07bn cfd in...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Abu Dhabi Looks To Break Dubai’s Solar Cost Record
...wea aims to sign a power purchase agreement with the winning consortium in the first quarter of 2017. While Adwea did not list the bidders, reports say Japan’s Marubeni and China’s Jinko Solar submitted the lowest bid. Although Adwea was the first Middle Eastern utility to develop a large-scale so...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Aramco Output Policy Under Scrutiny Ahead Of Algiers
...ter both the IEA and Opec have released more pessimistic market outlooks. The IEA now sees supply exceeding demand in every quarter of 2017, while Opec sees a large supply surplus for 2017 as a whole. Even if the gains to Opec output that the IEA has factored in to its forecasts fail to materialize, su...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Iraqi Finance Minister Sacked, Deepening Political, Financial Crisis
...th Iraq on drafting the 2017 budget. MP Najibah Najib, a member of the parliamentary economic committee, said on 18 September that the IMF had told Iraq to increase the oil price assumption in the first draft from a pessimistic $35/B to $43/B for 2017, with crude oil exports projected at 3....
Volume: 59Issue: 38Published at Fri, 23 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 -
Qatar Taps Debt Market
...e budget was almost balanced in 2015, a fiscal deficit of 5.3% of GDP is projected in 2016 ($8.7bn) and 2.2% in 2017 ($4.1bn), before recovering to near balance in 2018. The QNB estimate for the 2016 deficit is almost half the $17.8bn projected by the Ministry of Development Planning and Statistics (ME...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Kuwait Subsidies Row Hampers Efforts To Cut Record Deficit
...an its neighbor’s $17.8bn shortfall (see chart and MEES, 9 September). Under the budget law, passed in July, Kuwait is set to run a budget deficit of KD8.65bn ($28.7bn) for the financial year ending 31 March 2017. This rises to KD9.68bn ($31.9bn) after a further KD1.02bn ($3.4bn), 10% of re...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Falling Gas Prices Give Iran Dose of Realism
....93mn cfd) for 2014-15. Managing Director of Pars Oil and Gas Company (POGC) Ali Akbar Shabanpour said in June that output had risen to 431mn m³/d (15.2bn cfd, 157 bcm/year) and that it is planned to hit 526mn m³/d (191 bcm/y) by the end of the current Iranian year (March 2017). Averaging June ou...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
China’s Sinopec Secures Deal For $1.2bn Upgrade Of Iran’s Largest Refinery
...fineries with a combined capacity of 2.04mn b/d (see map). Of the eight greenfield projects, NIORDC has prioritized five: Persian Gulf Star, where the first 120,000 b/d condensate splitter is expected online by the end of March 2017; the Siraf splitters plant; the Hormuz Extra Heavy refinery; Anahita re...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Surplus To 2018 Leaves Opec No Good Options
...2017 drawdowns and a deficit for the year as a whole. Opec’s latest monthly oil report, also released this week, and last week’s from the US’ EIA are marginally less bearish, though even they project a large surplus of supply over demand for 2017 as a whole. All three have markedly revised up...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016 -
Iran: Government Courts Anti-Laundering Body, Spurring Conservative Backlash
...Iranian government efforts to attract foreign investment are inviting the ire of conservatives ahead of presidential elections in May 2017. The latest battleground between the Iranian government and critical conservative political elements is being formed, and it’s money laundering. An in...
Volume: 59Issue: 37Published at Fri, 16 Sep 2016