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QatarEnergy Warns Of $20bn Annual Revenue Hit
...evated. A DISASTROUS 2026 The economic impact of the Iran war far exceeds that of the 2017-2021 embargo on Qatar by its neighbors. Qatar managed to ride that out comfortably as Saudi Arabia and the UAE were unable to convince the emirate’s primary clients such as China, India and South Korea to lo...
Volume: 69Issue: 13Published at Fri, 27 Mar 2026 -
Eni’s Egypt Receivables Down Markedly From Mid-2024 Peak
...PAYMENT PLAN HELPS REDUCE DUES BY 24% TO $992MN AT THE END OF JUNE *NO FIGURES PROVIDED BETWEEN 2017-2022. ORIGINAL NUMBER GIVEN IN EUROS, CONVERSION USES EXCHANGE RATE ON LAST DAY OF REPORTED PERIOD. SOURCE: ENI, MEES CALCULATIONS. 2: EGYPT NET OUTPUT: BOTH GAS AND OIL SLUMPED TO SEVEN-YE...
Volume: 68Issue: 41Published at Fri, 10 Oct 2025 -
Saudi Arabia Doubles Deficit Forecast For 2025
...reseeable future, but strong economic growth in recent years means that as a share of GDP, the deficits are expected to be considerably less than over the 2014-2020 period. By way of comparison, this year’s forecast $65.3bn deficit is comparable with 2017’s $63.6bn figure. But while the 2017 deficit was eq...
Volume: 68Issue: 40Published at Fri, 03 Oct 2025 -
Saudi Oil Export Revenues Hit Three-Month High In June
...orage hub at Egypt’s Sidi Kerir for onwards export) averaged 325,000 b/d last quarter according to Kpler, the highest such figure in records back to 2017. This helped drive an increase in total export revenues from European sales in Q2 to $9.9bn, the highest quarterly figure since the same period la...
Volume: 68Issue: 35Published at Fri, 29 Aug 2025 -
Egypt LNG Imports Ramp Up On Increased Regasification Capacity
...et growing gas consumption during the peak summer demand season. As of 24 July, Egypt had imported 580,000 tons of LNG, which would itself be the highest monthly total since September 2017 (see chart 1). Kpler is forecasting that July LNG imports could reach 860,000 tons, which would be a record mo...
Volume: 68Issue: 30Published at Fri, 25 Jul 2025 -
Kuwait Debt Law Breakthrough: A New Era For Investment?
...ll enable the government to issue debt for the first time since the expiry of the previous financing and liquidity law (called the public debt law) in 2017” (MEES, 7 April 2017). The IMF put Kuwait’s debt at just 3.2% of GDP as of end-2023, and expects this to gradually rise to 25% by 2032 with th...
Volume: 68Issue: 14Published at Fri, 04 Apr 2025 -
Qatar Records Fourth Consecutive Budget Surplus For 2024
...20 AND THE LARGEST SINCE 2017 ($BN) *APRIL-MARCH FINANCIAL YEAR UNTIL 2016. SOURCE: MOF, MEES. 2: STATE SPENDING ON PUBLIC SECTOR SALARIES IN QATAR SURPASSED CAPEX FOR THE FIRST TIME IN 2024 ($BN) Graph *APRIL-MARCH FINANCIAL YEAR UNTIL 2016. SOURCE: MOF, MEES....
Volume: 68Issue: 06Published at Fri, 07 Feb 2025 -
MBS-Trump Investment Pledge Boosts Aramco US LNG Investment Plans
...int venture with Shell. This operated three refineries with a combined crude processing capacity of 1.065mn b/d, but was split up in 2017 with Aramco ending up with a 100% stake in the 600,000 b/d Port Arthur refinery (MEES, 10 March 2017). The Port Arthur plant accounted for 115,000 b/d of Saudi cr...
Volume: 68Issue: 05Published at Fri, 31 Jan 2025 -
Saudi Arabia On Course For Trade Deficit With China
...s largest partner of all; China (see chart 1). China has been the largest source of imports for Saudi Arabia since 2017, after jousting with the USA for the top spot in the years prior (see chart 2). The value of Chinese imports has increased each year with the exception of Covid-hit 2020. Last ye...
Volume: 67Issue: 51/52Published at Fri, 20 Dec 2024 -
Saudi Energy Minister: We Will Make Money From The Energy Transition
...edstock through ten projects. The improved generation efficiency this will yield is a key part of plans to boost overall efficiency from 40% last year to 44% by 2030 – up from 37% in 2017. The conversion projects aren’t named, but with an average capacity of 2.3GW per project they clearly entail the up...
Volume: 67Issue: 44Published at Fri, 01 Nov 2024 -
Oman’s Divestments Fund Economic Diversification, Lift Credit Rating
...tch below investment grade. Moody’s last changed its outlook to positive on 29 August while keeping its rating at Ba1, while Fitch has yet to update its rating since it affirmed BB+ on 24 May. S&P was the first of the agencies to junk Oman back in 2017 (MEES, 24 November 2017), with Fitch and Moody’s on...
Volume: 67Issue: 41Published at Fri, 11 Oct 2024 -
Iran’s New President Pezeshkian: Economy Top Of The Agenda
...at of neighboring countries. 2015’s JCPOA re-kindled foreign interest in Iran’s upstream (MEES, 6 January 2017). But reaching a new deal rests on the outcome of US presidential elections in November. The outlook is more favorable if President Joe Biden, or his replacement on the De...
Volume: 67Issue: 28Published at Fri, 12 Jul 2024 -
Egypt Tenders For Bumper LNG Imports As Gas Demand Soars
...erwhelmingly gas-fed, for 95% of national power supply for 2023 (MEES, 3 May). *Egypt’s gas output fell again to just 5.115bn cfd for April, down a whopping 1.3bn cfd (20%) on end-2022 and the lowest figure since the start-up of the key Zohr field in late 2017 (MEES, 14 June), whilst the country’s di...
Volume: 67Issue: 25Published at Fri, 21 Jun 2024 -
UAE-Oman Relations: Brotherly Love Or Sibling Rivalry?
...licy. Muscat has generally followed a regional foreign policy guided by mediation and diplomatic engagement. Meanwhile, Abu Dhabi has been keen to flex its military and economic strength, most recently in Sudan (MEES, 3 May). When the UAE joined Saudi Arabia and Bahrain in its blockade of Qatar in 2017...
Volume: 67Issue: 20Published at Fri, 17 May 2024 -
Saudi Arabia Targets Foreign Investment To Bolster Economic Growth
...eated the Future Investment Initiative (FII) conference which it has held in Riyadh annually since October 2017 and which was swiftly dubbed ‘Davos in the Desert.’ Last month Davos, home to the WEF’s flagship event, truly came to the Desert. While the 28-29 April WEF Special Meeting had more of a ge...
Volume: 67Issue: 19Published at Fri, 10 May 2024 -
Bahrain Plans 2GW Wind Capacity
...y to net-zero by 2060. And the country’s 2017 National Renewable Energy Action Plan (NREAP) targets renewables capacity of 225MW by 2025 (equivalent to 5% of forecast peak demand) and 710MW (10%) by 2035. Bahrain’s current installed capacity is 5GW from a fleet of five thermal plants. Renewables ca...
Volume: 67Issue: 18Published at Fri, 03 May 2024 -
Egypt Eyes More Gulf Cash After $35bn Lifeline UAE Mega-Deal
...ed for cash, this could prove politically sensitive given that Ras Gamila lies directly across from the uninhabited Red Sea islands of Tiran and Sanafir, which Egypt handed over to Saudi Arabia in 2017. The unpopular move was considered by many at the time as ceding sovereignty to Riyadh (MEES, 4 Au...
Volume: 67Issue: 09Published at Fri, 01 Mar 2024 -
Oman’s Key Fields Hit By 2023 Output Constraints
...p created by ‘voluntary’ Opec+ cuts (MEES, 7 April 2023). KHAZZAN’S FIRST SLIP Oman’s gas output capacity gains of recent years began with the 2017 start-up of the massive Khazzan tight gas field on Block 61 (BP 40%op, OQ 30%, PTTEP 20%, Petronas 10%: MEES, 7 July 2023). But for th...
Volume: 67Issue: 07Published at Fri, 16 Feb 2024 -
Egypt’s Nuclear Megaproject Faces Uncertainty As Russian Funding Squeezed
...the Mediterranean coast 170km west of Alexandria. This was followed by a 2017 agreement greenlighting several contracts for construction (MEES, 15 December 2017), which effectively began in 2022 (MEES, 8 July 2022). Under the agreements, Russian state nuclear energy firm Rosatom will build the fo...
Volume: 67Issue: 03Published at Fri, 19 Jan 2024 -
Iraq’s Oil Revenues Down 15% From 2022’s Record
...e country dropping by 105,000 b/d to 911,000 b/d according to data intelligence firm Kpler (see chart 2). This is the lowest annual figure since 2017’s 845,000 b/d. Exports to India dipped to 741,000 b/d in June 2023, some 530,000 b/d below their March 2022 peak of 1.27mn b/d. Volumes however re...
Volume: 67Issue: 02Published at Fri, 12 Jan 2024