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Algeria Plans ‘Year For The Economy’ In 2022
...creasingly difficult due to the Algerian market’s “modest absorption capacity.” Although the government has vowed not to resort to quantitative easing from the central bank – as it controversially did between 2017 and 2019 (MEES, 28 June 2019) – it continues to engage in what it calls “monetary fi...
Volume: 64Issue: 51/52Published at Fri, 24 Dec 2021 -
Egypt’s Midsize Gas Producers: Output Down But Receivables Down Too
...ich saw production average 148mn cfd during the first nine months of 2021, down 45% from 2017’s 270mn cfd. Output was just 137mn cfd (28,100 boe/d including liquids) for Q3 with the firm guiding a further fall to just 127mn cfd for Q4 (see chart 1). Though output is set to fall yet further in the fi...
Volume: 64Issue: 46Published at Fri, 19 Nov 2021 -
Qatar Quarterly Export Revenues At 7-Year High
...ports was the highest in MEES quarterly figures stretching back to 2013, as Qatar benefitted from the strongest market for refined products since its 146,000 b/d Ras Laffan II condensate splitter started up in December 2016 (MEES, 6 January 2017). ...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Iraq Appoints KPMG To Audit Key China Oil-For-Infrastructure Credit Line
...tractive Industries Transparency Initiative, these deductions were paused from 2015 to 2017 when Iraq faced “security constraints” as ISIS took large swaths of the country. After the UN-mandated Kuwaiti deductions, the funds are then moved to an oil settlement account in China where deductions ar...
Volume: 64Issue: 45Published at Fri, 12 Nov 2021 -
Egypt: Current Account Deficit Soars Amid Tourism Collapse & Record Trade Bill
...overall surplus of $1.9bn for 2020-21, the first such surplus since 2017-18, thanks to a 4-year high $18.3bn of “grants and other net investment” (see chart 4). 4: EGYPT’S BALANCE OF PAYMENTS SWUNG TO A SURPLUS FOR 2020-21 MAINLY DUE TO AN INFLOW OF IMF CASH, HELPING OFFSET A RECORD CU...
Volume: 64Issue: 42Published at Fri, 22 Oct 2021 -
Iraq Looks To Tap Unbanked Savings With Domestic Bond Issue
...rket. In August 2017, it issued $1bn in its first independent bond offering at an annual rate of 6.752% which is due in 2023. In January of the same year, Baghdad – with the full guarantee of the United States government – issued another $1bn at 2.149% which is due in January next year. Previously, a $2....
Volume: 64Issue: 40Published at Fri, 08 Oct 2021 -
Algeria’s Oil & Gas Revenues ‘To Hit $30-33bn’ For 2021
...94.8bcm and 94.5bcm set in 2016 and 2017 respectively. Higher output is also translating into higher exports, with first half supplies at 28.8bcm almost double last year’s 15.6bcm. All of this is happening at a time when global gas prices have soared on the back of strong demand and co...
Volume: 64Issue: 35Published at Fri, 03 Sep 2021 -
Libya Oil Revenues Soar But Still Short Of Central Bank Target
...VENUES* AT $11.6BN IN THE FIRST SEVEN MONTHS OF 2021 ARE ALREADY DOUBLE THE FULL YEAR 2020 FIGURE OF $5.9BN *CBL 'OIL REVENUE' NUMBERS USED BETWEEN 2011 AND 2017 DUE TO ABSENCE OF NOC DATA. ^INCLUDES GAS EXPORT REVENUE, PRODUCTS SALES. ^^INCLUDES SMALL VOLUMES OF CONDENSATE. SOURCE: OPEC ASB, CB...
Volume: 64Issue: 34Published at Fri, 27 Aug 2021 -
Qatar Exports To GCC At Multi-Year High
...the embargo, and only reluctantly agreed to end it, Qatari exports to the emirates were never halted and continued at around $250-400mn each quarter due to the UAE’s dependence on piped Qatari gas (see chart 1). Now, exports to the UAE have topped $1bn for the first time since 1Q 2017 – the la...
Volume: 64Issue: 33Published at Fri, 20 Aug 2021 -
Qatar Export Revenues Soar To Highest Level Since 2018
...tal exports. Total gas export volumes this year are running at their highest level since 2017. The latest Jodi statistics show that Qatar has exported 57.18 bcm over the first five months of the year, equating to an average of 15.3bn cfd (see chart 2). Piped gas through the Dolphin pipeline to the UA...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
Iraqi Oil Revenues At Highest Since 2019: Is This Enough To Stabilize The Economy?
...nuary 2017 providing a boost to prices, reserves gradually recovered to hold at more than $65bn in 2019, before dropping sharply in 2020 amid the Covid-19 pandemic. However, the low-point in this cycle was a more modest $55.1bn in November. In addition to currency devaluation, which Mr Allawi re...
Volume: 64Issue: 31Published at Fri, 06 Aug 2021 -
KRG Finances Remain Precarious Despite Export Revenue Boost
...arters of 2021 will doubtless have been markedly higher than in late 2020. EXPORTS ON THE RISE KRG crude exports from Ceyhan in 1Q 2020 averaged 465,000 b/d, their highest figure since Erbil lost control over most of Kirkuk’s producing fields to the federal government in October 2017 (MEES, 20 Oc...
Volume: 64Issue: 26Published at Fri, 02 Jul 2021 -
LNG Markets: Demand Robust As Prices Hit $12/mn btu
....4mn tons for 5M 2021. *Japan has been the top global LNG importer since the 1970s and was only topped by China for the first time ever on a monthly basis in November 2019 (MEES, 10 January). Having only overtaken South Korea for global number two spot in 2017, there is now a fair chance that Ch...
Volume: 64Issue: 24Published at Fri, 18 Jun 2021 -
Qatar Gets Post-Embargo Boost As Exports To Saudi Resume
...fferences remain between the two sides, but no winners had emerged since the onset of the embargo on 5 June 2017 (MEES, 9 June 2017) and bringing an end to this public rift was ultimately a pragmatic decision. With the embargo having forced a reshaping of regional trade links, a return to the pre-2017 st...
Volume: 64Issue: 22Published at Fri, 04 Jun 2021 -
Adnoc Prepares To IPO Fertilizer & Drilling JVs
...19). When it comes to IPOs, Adnoc has prior experience. It initially floated 10% of its retail arm, Adnoc Distribution, in December 2017, raising $851mn (MEES, 16 February 2018), and followed this up last year with a further 10%-placement which raised $1bn (MEES, 18 September 2020). 20% of Adnoc Di...
Volume: 64Issue: 20Published at Fri, 21 May 2021 -
As Momentum Returns To KRG Oil Sector, Repayment Change Highlight Challenges
...peline connection. Pearl also has another big gas field in Kurdistan – the nearby 5.7tcf Chemchemal field – where it has conducted appraisal drilling. It was also awarded blocks 19 and 20 in 2017 as part of a deal with the KRG over receivables (see p5). ...
Volume: 64Issue: 19Published at Fri, 14 May 2021 -
Saudi Deficit Shrinks As Capex Responsibility Switches To PIF
...F That government spending came in at $56.6bn in Q1, the lowest figure in three years, was largely due to a huge drop in capital expenditure (capex). At $4bn, capex was the lowest figure since the Ministry of Finance began releasing quarterly updates in 2017, coming in well below the previous low of...
Volume: 64Issue: 18Published at Fri, 07 May 2021 -
Saudi Arabia’s Vision 2030: Five Years On
...ince in 2017. When Vision 2030 was launched five years ago it seemed highly unlikely that it would succeed in all of its highly ambitious goals. But to observers it was clear that Saudi Arabia’s economy needed to be shaken up and that setting out such ambitious targets was no bad thing, even if th...
Volume: 64Issue: 17Published at Fri, 30 Apr 2021 -
UAE Hydrocarbon Export Revenues Fell By 36% In 2020
...asure and was not that far below the recent low-point of $67.4bn in 2017. 1: THE UAE ECONOMY CONTRACTED FOR THE FIRST TIME IN 11 YEARS IN 2020 (REAL GDP GROWTH, %) ^PRELIMINARY CENTRAL BANK CALCULATION *CENTRAL BANK PROJECTION; SOURCE: UAE CENTRAL BANK, IMF, MEES. 2: UAE OIL & GA...
Volume: 64Issue: 16Published at Fri, 23 Apr 2021 -
Saudi PIF Aims To Kickstart Kingdom’s Services Sector With ADES Buyout
...cused on Egypt. But the company has expanded since its 2017 listing on the London Stock Exchange. In 2018 it tapped $450mn in loans, including $125mn from the EBRD, for “expansion of ADES outside of its home market in Egypt via the purchase and refurbishment of rigs or acquisition of entities operating su...
Volume: 64Issue: 11Published at Fri, 19 Mar 2021