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Oman Set For Lowest Deficit Since 2014, But Investment Lacking
...oducer to have struggled to cope. The oil revenue bonanza came at just the right time to enable Oman (among others) to hike spending from 2011 in a bid to head off ‘Arab Spring’ contagion. MEES projections, based on official 9M19 stats and typical seasonal trends, indicate that Muscat will close out th...
Volume: 62Issue: 48Published at Fri, 29 Nov 2019 -
Waha 150mn cfd Gas Output Boost
...0km pipeline to help maintain output. Waha also plans to supply coastal power plants as well as the methanol and fertilizer plants in Marsa el-Brega (MEES, 1 November). Faregh Phase-2 was initially meant to start-up a decade ago, but Cypriot contractor J&P left the project following the 2011 re...
Volume: 62Issue: 46Published at Fri, 15 Nov 2019 -
Lebanon’s ‘Revolution’ Upends Status Quo
...rved as a strong impetus for the protests. Beyond the tax announcement and the fires, the Lebanese had a long list of outstanding grievances against the ruling oligarchy: the country’s economy has grown at a measly 1.3% per annum since 2011 (see chart); state power operator Electricité du Liban (Ed...
Volume: 62Issue: 43Published at Fri, 25 Oct 2019 -
Pakistan’s Oil & Gas Imports: Gulf Dependence Intensifies
...mand however (MEES, 22 February). IRAN ANOMALIES Officially Pakistan’s imports from Iran for both crude and key refined products have been zero since 2011-12. But a more detailed look at the customs stats throws up some anomalies. Pakistan imported 153,600 tons of ‘white spirit’ (customs co...
Volume: 62Issue: 42Published at Fri, 18 Oct 2019 -
Lebanon Declares ‘State Of Economic Emergency’
...the honor of the third highest debt-to-GDP ratio in the world (around 150%; behind only Greece and Japan). Low growth since 2011 – about 1.4% annually, due in large part to the outbreak of war in neighboring Syria – has merely exacerbated the problem. Through remittances, foreign direct in...
Volume: 62Issue: 36Published at Fri, 06 Sep 2019 -
Jordan’s Nepco: An End To Operating Losses?
...ars of 2011-14 when Nepco racked up a cumulative $5.4bn in operating losses (see chart 2). Like many Mena countries, Jordan heavily subsidizes electricity consumption. But unlike most of its neighbors, Jordan’s dearth of domestic energy supplies (Jordan imports some 94% of its energy) means that Nepco pa...
Volume: 62Issue: 22Published at Fri, 31 May 2019 -
Iran Threat To Nuke Deal As Exports, Revenues Face Collapse
...ES, 30 November 2011), has been ramping up throughputs and is set to hit full capacity later this month, Reuters reports. But the fact that official Chinese data show overall record crude imports for April despite a heavy maintenance schedule, suggests that at least some of the bumper Iranian vo...
Volume: 62Issue: 19Published at Fri, 10 May 2019 -
Tunisia Fuel Hikes Increase Pressure On Government
...rch). Economic malaise has been the norm since the 2011 revolution overthrew dictator Zine al-Abidine Ben Ali (MEES, 16 November 2018). In the years since, inflationary pressures have wreaked havoc with peoples’ purchasing power and the unemployment rate at over 15% has barely moved in the last six ye...
Volume: 62Issue: 15Published at Fri, 12 Apr 2019 -
Libya’s 2019 Budget: Fact or Fiction?
...Muammar Gaddafi in 2011 and the ensuing violence. As if Mr Sanalla didn’t have enough on his plate, the budget only allocates around LD1.3bn ($935mn) for NOC employee wages (see table). Oil workers argue that the government was supposed to grant them a 67% increase in wages in line with a 2013 go...
Volume: 62Issue: 13Published at Fri, 29 Mar 2019 -
Jordan Plans Tax Hike To Cover Planned 2019 Deficit
...factors outside its control (see chart). The 2011 ‘Arab Spring’ was the turning point as it scared tourists away from the region and saw Syria collapse into civil war, pushing millions of refugees into Jordan and eliminating much of the country’s land-based trade. The rise of the Islamic State in Ir...
Volume: 62Issue: 05Published at Fri, 01 Feb 2019 -
Egypt Delays Subsidy Reform With Economy On The Mend
...tbacks since the 2011 ouster of former President Husni Mubarak. Revenue has slowly picked up since the October 2015 downing of a Russian passenger jet over the Sinai Peninsula but it appears trouble is never far away. On 29 December a roadside bomb in Giza killed three Vietnamese tourists and their Eg...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019 -
Algeria Set For 11th Straight Deficit In 2019
...dget anticipating a $17.4bn deficit. Algeria has run up cumulative budget deficits of over $100bn since 2009, with deficits recorded even in 2011-14 when oil prices were over $100/B. They have ballooned since as oil prices tanked (see charts 1 &2). 2017 was the closest Algeria has got to ba...
Volume: 62Issue: 02Published at Fri, 11 Jan 2019