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Kuwait Expects 2015-16 Deficit: $60/B Oil, 2.7Mn B/D Output
...w budget is provisionally based on an oil price assumption of $60/B and average crude oil production of 2.7mn b/d, compared to $75/B and 2.9mn b/d in 2014-15. More than 90% of budget revenue is derived from oil. For the first eight months of the current financial year (April-November 2014) Kuwaiti cr...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Saudi Plans 2015 Counter-Cyclical Bumper Spend
...715bn ($191bn), based on an oil price assumption of $60-65/B. For 2014 the paper is projecting a smaller deficit of SR60bn ($16bn), although the original budget for that year was balanced at SR855bn ($228bn). For its part Saudi investment bank Jadwa is projecting two scenarios for baseline Brent cr...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Egypt Gets Oil Price Bonus…
...ypt to international oil companies (IOCs) estimated by the government at $4.9bn in early December. Savings from cheaper oil imports will be reflected in a reduction in 2014-15 energy subsidies, projected at E£127bn ($17.7bn) - E£100bn ($14bn) for petroleum products and E£27bn ($3.8bn) for el...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
…But Algeria Under Pressure
...om $194bn at the end of 2013. Also the balance of payments recorded a deficit of $1.32bn at the end of June 2014, compared to a surplus of $880mn at the end of June 2013. Mr Laksaci says that although Algeria managed to maintain monetary and fiscal stability despite persistent budget deficits and we...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
Lebanon ‘Challenging’
...flow of Syrian refugees (around a quarter of the population now) is straining local communities and taxing already weak public finances. IMF official estimates put real growth remaining below 2% in 2014: insufficient to dent unemployment. Also the fiscal position has improved slightly, ac...
Volume: 57Issue: 51/52Published at Fri, 19 Dec 2014 -
GCC Ratings Under Pressure From Oil Price Slide
...s fiscal breakeven price will top $127/B next year, according to the IMF. Earlier this year, as oil prices inched higher towards their June peak of more than $110/B, Moody’s projected solid growth in the GCC region for 2014. The ratings agency said in a 4 March report that it expected GCC growth to...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran Cuts Spending Again For 2015-16, But Is It Enough?
...IRAN Iran Cuts Spending Again For 2015-16, But Is It Enough? Iran’s freshly-released draft 2015-16 budget cuts spending by 14% in real terms in the face of oil prices that are down by $48/B since June. This comes on top of a 20% cut for 2014-15. The latest budget is based on $72/B cr...
Volume: 57Issue: 50Published at Fri, 12 Dec 2014 -
Iran Eyes Balanced Budget Despite Gloomy Outlook
...tal of $7bn of its frozen assets: $4.2bn in phase one, between November 2013 and July 2014; and a further $2.8bn in phase two, between July 2014 and November 2014. This arrangement will continue under the latest extension of the deal through July 2015 – during which Iran will receive $700mn/month in fr...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Dollar Strength Lessens Impact Of Oil Price Slide
...11 and July 2014, a period flagged up by the World Bank and other observers as one of “remarkable stability.” (With an uncanny degree of prescience, BP chief economist Christof Rühl, speaking at the mid-June market peak, said that with the US delivering “one of the biggest annual oil production in...
Volume: 57Issue: 49Published at Fri, 05 Dec 2014 -
Oman Set To Cut Spending For 2015 As Revenues Slide
...nsideration but there are no plans for salary cuts, he adds. The minister reiterated plans, announced last month, to cut its energy subsidies for 2015, with the currently “ineffective” system to be better targeted on the needy sections of society. Oman’s 2014 budget projects spending on energy su...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Qatar Looks Resilient To Lower Oil Prices
...tting money aside in the years of plenty. While prices for most of its key LNG exports are oil-linked, costly Australian projects will be harder hit. Qatar posted a surplus of some 31% of GDP in 2013. This will only shrink modestly in 2014: the country benefitted from high oil and LNG prices for mu...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Egypt: IMF Praise
...turn in confidence, are starting to produce a turnaround in economic activity and investment, Mr Jarvis observes, with growth projected at 3.8% in fiscal 2014-15. In a seeming reference to $8.4bn ‘Second Suez Canal’ plans, the IMF cautions “megaprojects offer prospects for jobs and growth but sh...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Jordan Moves Toward Austerity In 2015
...0/B. Main Aspects Of 2015 Budget Outlining the main features of the new budget, Mr Tuqan said that the deficit (after grants) is projected to shrink by 24.5% to JD688mn ($970mn), or 2.5% of GDP, from a revised figure of JD911mn ($1,285mn) in 2014. Total revenue is estimated at JD7,408mn ($10...
Volume: 57Issue: 48Published at Fri, 28 Nov 2014 -
Kuwait Budget Surplus Down 25%
...KUWAIT Kuwait Budget Surplus Down 25% Kuwait’s budget surplus in the first half of 2014-15 (April-September 2014) fell to KD5.20bn ($18.3bn), a 25.5% real terms fall on a year earlier. Of course the situation is likely to deteriorate further in the second half of the year given the re...
Volume: 57Issue: 47Published at Fri, 21 Nov 2014 -
Egypt Cuts Deficit On Back Of Gulf Cash, But More To Do
...EGYPT Egypt Cuts Deficit On Back Of Gulf Cash, But More To Do Egypt cut its budget deficit to 12.8% of GDP for the year to June 2014. This is down from 13.7% for 2012-13, though still well up on 9.8% for 2010-11. Though the deficit rose in nominal terms to E£255.4bn from E£239.8bn the pr...
Volume: 57Issue: 46Published at Fri, 14 Nov 2014 -
Jordan Looks To Slash Deficit In 2015 Budget
...2014, according to the draft budget which was approved by the cabinet at the end of October. Domestic revenue (other than grants) is projected to rise by 10% to JD6.28bn ($8.855bn). With inflation projected at 2.4% in the 2015 budget, spending is slated to rise by less than 1% in real te...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Yemen Oil Take Slumps
...ee jailed prisoners. The value of oil exports in the first eight months of 2014 fell by 33% to $1.216bn from $1.811bn in the same period of 2013, the Central Bank of Yemen (CBY) said in its latest Monthly Statistical Bulletin. The CBY blames the fall in revenue on sabotage attacks on oil ex...
Volume: 57Issue: 45Published at Fri, 07 Nov 2014 -
Russia Denies Syria $1bn
...lf of 2014, according to government sources – a mere 4.4% of 385,000 b/d pre-war oil output (MEES, 3 October). The Syrian government now issues a weekly list of prices of subsidized petroleum products, including diesel, heating oil and gasoline, to regulate the market in the light of changing su...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
GCC Countries Face Up To Falling Oil Prices
...the Gulf countries, expansion into foreign markets and boosting competitiveness. GCC countries’ overall current account surplus could plunge to about $100bn in 2015 from $275bn in 2014 if oil prices hold at about $80/B, IMF Regional Director Masood Ahmed told Bloomberg this week. MENA Oil Ex...
Volume: 57Issue: 44Published at Fri, 31 Oct 2014 -
Egypt Announces Ambitious Macroeconomic Policy Targets
...EGYPT Egypt Announces Ambitious Macroeconomic Policy Targets The Egyptian government is targeting a real GDP growth rate of 6% by mid-2019 – compared to 2.2% in 2013-14 and to a projected 3.5% in 2014-15 – according to a medium-term macroeconomic policy framework for the period 2014...
Volume: 57Issue: 43Published at Fri, 24 Oct 2014