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The Iraqi State Faces A Perilous 2017
...e councils and modified the seat allocation formula to disadvantage small parties - as was done in the 2014 parliamentary law. Parliament’s Legal Committee has said that a special law is needed for Kirkuk to hold new elections; its current council was elected in January 2005. If the provincial el...
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
KRG Output Highest This Year, But Revenues Sink Further
...vernment receipts. The key dampener remains Kurdistan’s huge debt to oil buyers for prepayments in 2014 and 2015. Ashti Hawrami, KRG Minister of Natural Resources, puts the debt accrued to buyers in 2014-15 at $2.3bn, of which MEES estimates around $350mn has been paid off this year, leaving almost $2bn ou...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
Qatar Wealth Fund QIA And Glencore In $11.3bn Rosneft Deal
...th Iran will not sit well with Qatar’s Arab allies. However, Qatar has since 1995 pursued an independent strategy often at odds with its neighbors. This most recently came to a head in March 2014 when Saudi Arabia, the UAE and Bahrain pulled their ambassadors from Qatar, citing Doha’s alleged in...
Volume: 59Issue: 49Published at Fri, 09 Dec 2016 -
Kuwaiti Opposition Gains Further Threaten Government Energy Policy
...afji field in the Saudi-Kuwait Partitioned Neutral Zone (PNZ) is being readied for restart. It has been offline since October 2014 as part of a dispute between the two over management of the PNZ, and the 200,000 b/d Wafra field since March 2015. With output split 50:50, this has denied Kuwait around 25...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
The Political Implications Of Iraq’s Mosul Offensive
...sentment toward the KDP for abandoning them during the Islamic State’s 2014 offensive remains strong, and that when it comes to ethnic identity, views are diverse, heightening the complexity of this tinderbox of a region. Some Yazidis emphasize their Kurdish identity, others think of themselves as Ya...
Volume: 59Issue: 48Published at Fri, 02 Dec 2016 -
Trump Sword Of Damocles Hangs Over Global Climate Action
...SITIONS IN FULL Nov 2012 (tweet): "The concept of global warming was created by and for the Chinese in order to make US manufacturing non-competitive" Jan 2014 (tweet): "Is our country still spending money on the GLOBAL WARMING HOAX?" Jan 2016 (Fox & Friends TV show): "I think the climate ch...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
IEA Outlook Trumped By Events
...a good pun to head up the WEO section on the fuel, but it is looking decidedly out of date. According to the IEA projections sharp declines in US, Chinese and EU coal demand over 2014-40 will more or less cancel out a doubling of Indian demand over the same period. But the forecast 40% fall from 62...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Lebanon: Can New President Get The Country Moving?
...troleum legislation necessary to launch a bid round for Lebanon’s offshore acreage (MEES, 31 July 2015). After former President Michel Sulaiman completed his term in May 2014, the political vacuum reduced decision making on key issues to a bare minimum. Under the new administration, parliament ne...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
Egypt Devalues Currency In Bid To Calm Forex Market
...reign grants have fallen sharply to E£3.5bn in 2015-16, from E£25bn in 2014-15 and E£95bn in 2013-14. Spending on energy subsidies is not going according to plan as projected in the 2016-17 budget at E£35bn. In the first quarter alone of the current year the energy subsidy rose to E£14bn, which on an...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Iraq’s Mosul Offensive Begins Amid Patchwork Coalition
...lice personnel would enter Mosul proper. The point was to emphasize that neither Shia militias nor the Kurdish Peshmerga would be entering Sunni Arab-populated urban areas. IS has held Mosul since June 2014, when Iraqi army divisions in the north, weakened by corruption and politicization under the fo...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Kuwait Dissolves Parliament Amidst Subsidy Reform Uproar
...ril). The relative détente of the past three years has provided sufficient political stability for Kuwait to award important contracts to foreign firms to develop its oil and gas sector. The impact of this is beginning to be felt, with September’s 2.86mn b/d crude output the highest since September 2014...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Kurdish Political Unity Fragments As Barzani Reaches Out To Baghdad
...om its agreement just two months previously to extend Mr Barzani’s term by two years, following its expiry, and it has subsequently taken a harder line with the KDP as a result. Provincial-level elections within Kurdistan, which coincided with federal parliamentary elections in 2014, had a more ev...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Iraqi Finance Minister Sacked, Deepening Political, Financial Crisis
...$26.5bn. Export revenues have plunged along with oil prices despite record breaking volumes. They are on track to fall to around $3.49bn this year, and potentially as low as $3.26bn, less than half that of 2014. Following Mr Zebari’s dismissal the IMF’s Iraq mission chief Christian Josz to...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Libya Faces Further Output Fall, Degraded Capacity With Chronic Under-Investment
...y producers since instability reduced output to zero at the Repsol-led Sharara/Murzuq fields and Marathon/Conoco/Hess-led Waha in late 2014, both with theoretical 300,000 b/d-plus capacity. Figures for January, the last comprehensive breakdown available, showed Agoco producing 239,000 b/d and SO...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
Zueitina: Export Restart
...eitina terminal, which has an export capacity of 250,000 b/d, was shut down in April 2014 and has operated for only brief periods since - most recently in October 2015 (MEES, 6 November 2015). It has been closed throughout 2016, and in January was the target of attacks by Islamic State. The reopening of...
Volume: 59Issue: 36Published at Fri, 09 Sep 2016 -
GCC Fiscal Reforms: Long Overdue And A Long Road Ahead
...th petrodollars only a couple of years ago, times have certainly changed for the Gulf countries. Between June 2014 and February 2016, the international oil price plunged by 70% and the IMF forecasts that GCC states’ oil export earnings will fall by $300bn in 2016. This is in line with MEES ca...
Volume: 59Issue: 33Published at Fri, 19 Aug 2016 -
Libya Unification Deal On Shaky Ground, Exports Increase Still To Materialize
...km from the terminal, said Mr Abu Thafirah. The Zueitina terminal, which has capacity of 250,000 b/d, was shut down in April 2014 and has operated for only brief periods since (most recently in October 2015 - MEES, 6 November 2015). It has been closed throughout 2016, and in January was the ta...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Iraq Crude Revenues Head For 10-Year Low
...vember 2015 and April this year – the average of 3.25mn b/d for the first seven months of 2016 is up 300,000 b/d on the same period a year earlier, and almost 800,000 b/d on January-July 2014. But monthly revenues have averaged $3.16bn so far this year, the lowest since 2006, and if replicated over th...
Volume: 59Issue: 31Published at Fri, 05 Aug 2016 -
Dubai In Unwelcome Headwinds
...ported this week that property prices in Dubai have fallen by around 25% since their most recent peak in 2014, but remain above their 2011 trough. However, the IMF reports that the quality of the real estate loan portfolio is significantly better than prior to the 2009 crash. Overall, Dubai, in...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Iraqi Political Deadlock Exacerbated Following Ministerial Resignations
...vel by Kurds both for cutting off the region’s budget payments in January 2014 and his repeated claims that Kurdistan sponsors Sunni Arab terrorist groups. The fact that the Kurdish parties closest to Baghdad are willing to reach out to him reflects poorly on their view of Mr ‘Abadi’s prospects. Ku...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016