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Saudi Budgets For 2022 Surplus: First In Nine Years
...ices began to tumble in the second half of 2014 (see chart 1). Since then, the kingdom has notched up eight consecutive deficits for a cumulative $460bn, if the kingdom’s initial estimates for this year are accurate. For 2021, the government’s latest expectations are that it will accrue a $22.7bn de...
Volume: 64Issue: 50Published at Fri, 17 Dec 2021 -
Qatar Unveils Overly Conservative 2022 Budget
...tari monthly export revenues exceeded $8bn for the first time since December 2014 and with pricing for Qatar’s term LNG sales incorporating a lagging oil-price linkage, Doha can look forward to strong early-2022 revenues. WORLD CUP SPENDING BOOST On the expenditure side of the ledger, Qa...
Volume: 64Issue: 49Published at Fri, 10 Dec 2021 -
Egypt’s Midsize Gas Producers: Output Down But Receivables Down Too
...om the KRG and $125mn in Egypt where Dana’s receivables bill fell to $65mn as of end-September, the lowest level in over a decade and down $17mn versus the figure three months earlier. Energean, likewise, saw its receivables fall in Q3, to $145mn, the lowest level since 2014 though down only sl...
Volume: 64Issue: 46Published at Fri, 19 Nov 2021 -
Qatar Quarterly Export Revenues At 7-Year High
...The gradual increase in the price of Qatari LNG is much less dramatic than spot market gains, but it is lifting the emirate’s revenues to their highest level since late 2014. Qatari export revenues are running at seven-year highs as the LNG superpower benefits from the energy price cr...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Algeria’s Economic Rebound: Can It Seize The Moment?
...I and diversify the economy? Algeria is set for its first trade surplus since 2014 as higher oil and gas prices coupled with a boost in export volumes drag its economy out of an abyss. If the latest estimates from Algerian officials prove correct, a surge in exports to $37.5bn is set to result in...
Volume: 64Issue: 41Published at Fri, 15 Oct 2021 -
Saudi Deficit Shrinks To Two Year Low
...Six months into 2021 and Saudi Arabia looks on course to post its smallest annual deficit since the 2014 oil price crash, even if spending picks up in the second half. Saudi Arabia has posted its smallest quarterly budget deficit in more than two years, with the figure shrinking to just $1....
Volume: 64Issue: 32Published at Fri, 13 Aug 2021 -
Qatar Export Revenues Soar To Highest Level Since 2018
...bn+/quarter days of 2014 when oil prices were around $100/B. While those prices remain a long way off, Qatar is investing heavily in a bid to boost export revenues substantially. Qatar earlier this year took FID on the four-train $28.75bn North Field East (NFE) expansion project which is slated to in...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Korea Crude Imports 1H 2021: Mideast & Opec Share At Record Low
...cades. This comes as overall volumes for the world’s number four crude importer fell by 5.4% to average 2.58mn b/d for 1H 2021, the lowest first half figure since 2014. Whilst Korea’s oil demand continues to be suppressed by Covid – and movement restrictions have been increased in recent weeks with fears of...
Volume: 64Issue: 28Published at Fri, 16 Jul 2021 -
Saudi Arabia’s Vision 2030: Five Years On
...venues fell to a multi-year low of 69.4% in 2020, but that was essentially down to the coronavirus pandemic decimating oil revenues (see chart 1). Indeed, non-oil revenues of $53.7bn in 2020 were not just down on 2019 levels, they were also less than the 2014-figure of $57.9bn, in large part because they in...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
Iraq’s Central Bank Reserves Rebound To Top $60bn
...rrowed, with $13bn through domestic loans, while in November the total was $12bn for a total of $30bn. This allowed Baghdad to limit its reserves drawdown during the course of 2020 to around $10bn. This is broadly similar to the annual drawdowns seen for 2014-2016 when Iraq was grappling with both an oi...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Iraq Passes 2021 Budget With Strong Emphasis On Power Projects
...penses. In 2014, when large swaths of the country’s northern and western provinces fell to ISIS, Iraq failed to pass a budget as well. 20% OF REVENUES FROM ‘NON-OIL’?… Of course, as per every year, oil income is slated to make up the lion’s share of the total $69.88bn in revenues. The bu...
Volume: 64Issue: 14Published at Fri, 09 Apr 2021 -
Saudi Deficit More Than Doubles To $78bn For 2020
...udi Arabia, bringing the cumulative deficit since 2014 to $437bn. Ministry projections point to continued deficits out to at least 2023, which would take the cumulative total to $502bn. This year’s deficit is at least projected to fall back closer to 2019 levels at $37.6bn. This is primarily pr...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Qatar Export Revenues Fall 30% In 2020
...s current level of 77mn t/y in 2011. The figure is considerably lower than at the height of the collapse precipitated by the oil price slump from late 2014. Then annual revenues bottomed out at $57.3bn in 2016 (see chart 1). However, Qatar has had considerable success in reducing its import tab in...
Volume: 64Issue: 05Published at Fri, 05 Feb 2021 -
Algeria Sees $10.6bn 2020 Trade Deficit With Revenues At 18-Year Low
...aded south in late 2014 (see chart 1). Other oil exporters were forced to adopt emergency measures when the Covid-19 pandemic saw prices and demand collapse in March last year. But Algeria has never come close to exiting crisis mode since 2014. Even then, on the back of three years of blowout sp...
Volume: 64Issue: 03Published at Fri, 22 Jan 2021 -
Oman Fiscal Dilemma Shows No Signs Of Abating In 2021
...art 1). On paper, this amounts to around 75% of GDP – not particularly bad – but given years of low growth and perennial budget deficits since the 2014 oil price crash, the concern is that it will continue to grow to unmanageable levels. Oman’s economic outlook is growing increasingly grim, and an im...
Volume: 64Issue: 01Published at Fri, 08 Jan 2021