Gulf oil revenues skyrocketed with the war

The global crisis caused by Russia’s war against Ukraine reflected hundreds of billions of dollars in revenue growth in the budgets of oil and natural gas-rich Arab countries.

In 2022, the world economy did not have a chance to recover from the effects of the Covid-19 epidemic that lasted for 2 years.

As a result of developments related to global factors such as the Russia-Ukraine war that began in February 2022, huge increases in inflation rates, as well as excessive increases in food and energy prices, caused contractions in the national economies in general.

However, the global crisis has become an opportunity, especially for the Arab member countries of the Gulf Cooperation Council (GCC).

The world’s largest oil exporter, Saudi Arabia, and other Arab countries were among the countries that benefited most from rising oil prices due to sanctions imposed on Russia by the Western world in support of Ukraine.

As a result of the effects of the war in Ukraine, economic growth of 6.9 percent is forecast in the Gulf region in 2022.

AA correspondents compiled the revenue of Arab countries exporting oil and natural gas from open sources in 2022, when the Brent oil price per barrel tested over $140 depending on international developments.

SAUDI ARABIA’S BUDGET OBTAINS A SURPLUS FOR THE FIRST TIME SINCE 2013

Saudi Arabia’s budget posted a surplus for the first time since 2013, thanks to rising oil prices last year.

According to data announced by the Ministry of Finance in December 2022, the ratio of the budget surplus of 102 billion rials ($27.13 billion) to the country’s gross domestic product was 2.6 percent.

In the first 9 months of 2022, when prices peaked due to the Ukraine-Russia crisis, Saudi Arabia made $253 billion in oil export revenue with an increase of 83.68 percent. The country’s oil revenues in the same period of 2021 were $137.940 million.

Riyadh’s total revenue for 2022 increased by about 28 percent compared to the previous year and reached 1 trillion 234 billion riyals ($330 billion).

KUWAIT BUDGET EXPECTED TO PROVIDE MORE AFTER 9 YEARS

In Kuwait, which gets more than 90 percent of its revenue from oil, the budget is expected to be in surplus in 9 years.

According to statistics published by the Kuwaiti newspaper El-Enba, the price of a barrel of oil, based on the 2022 budget, rose to $103.5 with an average increase of 28.74 percent.

The country’s oil revenue increased sharply in 2022, reaching 30.9 billion dinars (approximately $100 billion). Kuwait had revenue of 16.7 billion dinars (approximately $54 billion) from oil in 2021.

THE BUDGET IS EXPECTED TO GIVE MORE IN OMAN

In GCC member Oman, the Ministry of Finance announced that the 2022 budget is expected to show a surplus of 1.146 billion riyals (approximately $3 billion), according to preliminary data.

In the statement from the Ministry of Finance, it was indicated that thanks to oil exports, revenues in 2022 reached 14.234 billion rials (37 billion dollars).

IRAQ’S INCOME EXCEEDS $115 BILLION

Iraq’s Oil Ministry said in a statement on Jan. 2 that the country had revenues of more than $115 billion in 2022, according to preliminary data.

The statement indicated that the country exported 1,209 barrels of oil last year.

Ammar Hamad, deputy governor of the Central Bank of Iraq, said the country’s foreign exchange reserves exceeded $99 billion. Hamad attributed the increase in foreign exchange reserves to rising oil prices.

Iraq’s oil revenue was $75 billion last year and $42 billion in 2020.

QATAR INCREASED ITS EXPORTS DUE TO THE CRISIS

Qatar, one of the world’s leading natural gas producers, increased its natural gas exports after Russia’s war against Ukraine and signed many long-term agreements during this period.

With the goal of increasing its liquefied natural gas (LNG) production from 77 million tons to 110 million tons per year by 2026, Qatar has partnered with Western countries Royal Dutch Shell, TotalEnergies, Exxon Mobil, ConocoPhilips and Eni on the northeast field expansion project being carried out. for this purpose.

Qatar’s Emir Sheikh Tamim bin Hamed Al Thani also announced that his country aims to increase its liquefied natural gas production by 40 percent by 2026.

The 27-year LNG deal between Qatar-owned Qatar Energy and China Petrochemical Company (SINOPEC) has become one of the longest-running deals in this field. Under the agreement, Qatar is expected to export 4 million tons of LNG to China each year.

THE EXPORT OF NATURAL GAS IN ALGERIA IS AT A RECORD LEVEL

In search of different resources after Russia’s war against Ukraine, Europe turned to Algeria due to its geographical proximity and existing infrastructure.

Having increased its natural gas exports to a record level of 56 billion cubic meters in 2022, Algeria became the Arab country most visited by European authorities.

Algeria, whose relations with Spain are strained due to the Western Sahara issue, is connected to Europe via 3 separate gas pipelines, one of which runs to the Italian island of Sicily via Tunisia, Spain via Morocco and another to the Almería region in the south. from Spain.

Increasing its natural gas exports to Italy to 25 billion cubic meters in 2022, Algeria aims to export 30 billion cubic meters to this country in 2023-2024. Despite the tension with Spain over Western Sahara, Algeria maintains its position as the largest exporter of natural gas with 5,000 million cubic meters.

In Algeria, where new natural gas fields are being discovered and natural gas exports are expected to rise, the largest budget of $99 billion in the country’s history was accepted this year.

LIBYA’S OIL REVENUE IN 2022 IS 22 BILLION DOLLARS

In a written statement made by the Central Bank of Libya, it was indicated that 105.5 billion dinars (22.01 billion dollars) were made from oil sales in 2022.

In the statement, it was recalled that oil revenue was recorded at 103.4 billion dinars in 2021.

The Libyan authorities state that they aim to increase their current oil production capacity from 1.2 million barrels per day to 1.6 million barrels per day in the next 3 years. (AA)