deficit | Egypt Oil & Gas
Higher Oil Prices Shrink Saudi Deficit
Higher international oil prices helped Saudi Arabia shrink its budget deficit by 71% from the first quarter of 2016 to $6.9b as of end-March 2017, Oil Price reported. State revenues jumped by a similar rate, 72%, to $...
Nigeria Loses 40,000MW of Energy over Hampered Gas Investments
Hampered gas investments resulting from oil companies’ recorded deficit have deprived Nigeria of 40,000 MW of electricity generated from natural gas reserves, Punch reported. The country has one of the lowest po...
Iraq Signs $328.8m Deal with GE to Stem Electricity Crisis
Iraq has agreed to a $328.8m deal with General Electric (GE) to boost electricity production capacity by 1,000 MW through providing equipment and maintenance for ten power plants across the country, reported Reuters. ...
Saudi Arabia Able to Withstand Oil Prices: Saudi FM
Saudi Foreign Minister, Adel al-Jubeir, has announced that Saudi Arabia can withstand the impact of low oil prices on state revenues and economic growth, reported Reuters. “The deficits that the kingdom will be ...
Saudi Plans Delayed as Credit Rating Drops with Oil Prices
Saudi Arabia’s cabinet has deferred for further study a decision on limiting the private sector work week to 40 hours, reported Trade Arabia. The Labour Ministry made the announcement on Twitter late on Thursday...
Saudi Seriously Contemplating Slashing Energy Subsidies
Oil Minister Ali al-Naimi confirmed suspicions that the Saudi kingdom could cut its system of energy subsidies, reported Reuters. He was asked on the sidelines of a mining conference on Tuesday whether he expected dom...
Saudi Arabia in Cash Flow Crisis
Informed sources told Bloomberg that Saudi Arabia is delaying payments to government contractors thanks to the oil price slump. The country has already entered into a deficit for the first time since 2009, with constr...
Norway Mulls Withdrawals from Oil Fund
As its currency slumps, Norway is considering withdrawing from its massive sovereign wealth fund, reported Bloomberg. Long reliant on high energy prices, the Scandinavian country has seen government tax revenues from ...
