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Libya Expects Breakthrough Decision On Frozen Assets By End-2024
...hmoud Hassan expecting the sign-off by the end of 2024. The UNSC in October extended the mandate of the Panel of Experts – tasked with implementing Libya sanctions including the asset freeze since 2011 – until 15 February 2025, with the intent to provide the Council with a final report “no later th...
Volume: 67Issue: 32Published at Fri, 09 Aug 2024 -
UAE-Oman Relations: Brotherly Love Or Sibling Rivalry?
...jor diplomatic spats have been few: the only high-level incidents in recent years are Oman’s claims to have broken up Emirati-backed spy rings in 2011 and in 2019; claims which Abu Dhabi denies. Where the countries have more often clashed is in their very different approaches to regional foreign po...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Saudi Economy Contracted In 2023 Amid Oil Price Drop
...7% contraction in 2020 during the Covid-19 pandemic - largely because in 2020 the sector was coming off a relatively weak previous year. Indeed, it is the sharpest oil-sector contraction in MEES records going back to 2011 (see chart 1). Oil prices softened considerably last year amid strong su...
Volume: 67Issue: 06Published at Fri, 09 Feb 2024 -
ExxonMobil Finalizes West Qurna-1 Exit As PetroChina Assumes Operatorship
...edged to increase capacity to 800,000 b/d by 2028. Exxon’s time in Iraq has been tumultuous, with the firm angering Baghdad when it signed up to six blocks in the Kurdistan Region in 2011. That gamble ultimately failed, with Exxon quitting its last Kurdistan asset in 2022 without producing a ba...
Volume: 66Issue: 46Published at Fri, 17 Nov 2023 -
Turkey Claims Iraq Owes Nearly $1bn In Net Arbitration Damages
...accrue further interest until payment, or amicable resolution. Turkey’s claim is that “Iraq’s damages date from 2014 to 2018 – a period of relatively low [Turkish] bond yields,” and therefore “far more interest has accrued on Türkiye’s damages” which date back to 1990 until 2011. Based on...
Volume: 66Issue: 37Published at Fri, 15 Sep 2023 -
Oman Export Revenues Leap 47% To Record $66bn For 2022
...ne 2022. But this proved a temporary blip, with volumes rebounding to 819,000 b/d for September. India took the second highest amount of Omani oil, averaging 85,000 b/d in 2022 – the highest since the record 88,000 b/d set in 2011. However, exports to India fluctuated throughout the year, with In...
Volume: 66Issue: 08Published at Fri, 24 Feb 2023 -
Egypt’s Stretched Finances Boosted By Record Suez Canal & LNG Revenues
...untries,” the CBE says. 1: EGYPT'S TRADE BALANCE: 2021-22 SAW A RECORD $43BN DEFICIT DESPITE THE FIRST OIL & GAS SURPLUS SINCE 2011 SOURCE: CBE. MEES. 2: EGYPT’S SERVICES BALANCE: RECORD SUEZ CANAL REVENUES & DOUBLING IN TOURISM RECEIPTS ENABLED EGYPT TO NOTCH UP A 3-YEAR HI...
Volume: 65Issue: 41Published at Fri, 14 Oct 2022 -
Qatar’s Revenues From Europe Sales Balloon Amid Ukraine Fallout
...2011 over the first half of the year (see chart 3). Qatar supplied 4.36bcm (3.2mn t/y) in the first half of the year, up slightly year-on-year, but the biggest gains have been from the US. Qatar is well placed to increase LNG supplies to the UK once its expansion trains begin to come online fr...
Volume: 65Issue: 37Published at Fri, 16 Sep 2022 -
Saudi Arabia Posts Strong Q2 Growth
...Saudi Arabia’s economy is booming, with GDP growing at its fastest pace since 2011. Inflation remains under control and foreign reserves are being rebuilt. Saudi Arabia’s economic rebound continues apace, with growth accelerating to 11.8% last quarter. Preliminary government figures for Q2...
Volume: 65Issue: 31Published at Fri, 05 Aug 2022 -
Tunisia Set To Return To The Past With New Constitution
...Tunisian President Kais Saied is pushing ahead with a new constitution which is set to reverse almost all the democratic gains of the 2011 revolution. Meanwhile, the economy is crashing. Tunisia is set to cap a decade-long experience with democracy on 25 July. President Kais Saied’s new ‘on...
Volume: 65Issue: 29Published at Fri, 22 Jul 2022 -
Opec Revenues Set For 2022 Windfall After 2021 Turnaround
...ectrum lie the many Opec members which are struggling to keep up. One example is Algeria, where state oil firm Sonatrach says it is expecting around $50bn in hydrocarbon revenues for 2022. MEES estimates Algeria will earn around $38bn from oil exports alone, up 65% on last year. In 2011, Al...
Volume: 65Issue: 26Published at Fri, 01 Jul 2022 -
Libya Set To Approve $20bn ‘Paper’ Budget
...ter the overthrow of long-time ruler Muammar Gaddafi in 2011. MEES estimates oil revenues rose to an eight-year high $30bn last year and may well top that this year as oil prices have pushed past $100/B (MEES, 28 January). The Bashagha camp’s latest moves are designed to radiate a sense of or...
Volume: 65Issue: 19Published at Fri, 13 May 2022 -
Saudi Arabia Pledges To Invest Oil Export Windfall In Economic Reforms
...P in the first quarter of the year growing at the fastest pace since 2011. Unsurprisingly, the surge has been driven by resurgent oil markets, as the fallout from Russia’s 24 February invasion of Ukraine has pushed oil prices above $100/B for the first time since 2014. The kingdom launched its Vi...
Volume: 65Issue: 18Published at Fri, 06 May 2022 -
Libya Gas Exports To Italy Pick Up
...d (3.23 bcm) for 2021, the lowest annual figure since 2011, when that year’s revolutionary anarchy completely halted exports for several months (see chart). Supplies have now fallen each year since 2019 after the completion of the second phase of the Bahr Essalam project which bumped capacity by 40...
Volume: 65Issue: 04Published at Fri, 28 Jan 2022 -
Libya’s 2021 Finances Boosted By Oil Revenues, Skewed By Dinar Devaluation
...nister Abdulhamid Dbeibeh was frequently accused of overspending to boost his popularity: hiking wages, granting generous marriage allowances, and awarding numerous government contracts. But in dollar terms, spending of $19.1bn was the lowest since 2011 – the year in which a bloody civil war ousted lo...
Volume: 65Issue: 02Published at Fri, 14 Jan 2022 -
Kais Saied’s Tunisia: Where Is It Headed?
...ndemic (MEES, 24 July 2020). Finances appear to be on the verge of collapse. Public debt has soared since the 2011 revolution (see chart 1), but Tunisia has little to show for it (MEES, 18 December 2020). Interest payments alone will eat up some 11% of projected government revenues this year, ac...
Volume: 64Issue: 43Published at Fri, 29 Oct 2021 -
Libya Oil Revenues Soar But Still Short Of Central Bank Target
...VENUES* AT $11.6BN IN THE FIRST SEVEN MONTHS OF 2021 ARE ALREADY DOUBLE THE FULL YEAR 2020 FIGURE OF $5.9BN *CBL 'OIL REVENUE' NUMBERS USED BETWEEN 2011 AND 2017 DUE TO ABSENCE OF NOC DATA. ^INCLUDES GAS EXPORT REVENUE, PRODUCTS SALES. ^^INCLUDES SMALL VOLUMES OF CONDENSATE. SOURCE: OPEC ASB, CB...
Volume: 64Issue: 34Published at Fri, 27 Aug 2021 -
Libya’s Forex Reserves Fall 21% In 2020
...e inaccessible to Libya due to strict UN sanctions that have been in place since 2011.The idea is that sanctions will be removed once Libya has an accountable government. But the country is still deeply divided. Libyan actors are still squabbling over the legal basis for elections that are sc...
Volume: 64Issue: 34Published at Fri, 27 Aug 2021 -
Egypt Raises Power Prices, Waiting on Fuel Prices
...vels (see chart 1). For March, household electricity use was 4.62TWh, the lowest March use since 2013 while the previous month’s 4.33TWh was the lowest February figure since 2011. Egypt power demand typically peaks in the sweltering summer months. 1: EGYPT HOUSEHOLD POWER USE FELL TO A MULTI-YEAR LO...
Volume: 64Issue: 27Published at Fri, 09 Jul 2021 -
Adnoc Ready To Roll Out Murban Futures Contract
...mand in Fujairah. It can go from Fujairah to Asia, it can go to Africa, it can go to Europe.” With Fujairah emerging as the largest bunkering hub in the Middle East, storage capacity has expanded rapidly “from 3.2mn m³ [20.2mn barrels] in 2011 to more than 10mn m³ in 2018," according to Salem al-Ha...
Volume: 64Issue: 12Published at Fri, 26 Mar 2021