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Somalia and Turkey may struggle to realise oil deal

Location:

SOMALIA/TURKEY

The deal builds on the recent ten-year agreement on maritime defence cooperation. Somalia is believed to have significant onshore and offshore oil and gas potential. However…

Saudi Aramco will seek to manage rapid industry change

Location:

SAUDI ARABIA

Yet this follows a government directive that the company cancel increases in its maximum sustainable capacity (MSC) of crude oil production from 12 million barrels per day (b/d…

Gulf economies are on a stable track despite risks

Location:

GULF STATES

The IMF has revised downwards its forecast for Saudi GDP growth in 2024 to 2.7% but raised its 2025 forecast to 5.5%. This reflects a positive medium-term outlook for the Gulf…

Venezuela's Guyana referendum will bring new tensions

Location:

VENEZUELA

Official figures suggest that 10 million people participated in a referendum held on December 3 in which over 90% of those who voted (accounting for nearly half of the electorate…

ASEAN will pursue incremental engagement in Myanmar

Location:

MYANMAR

Myanmar’s junta for the first time accepted the invitation to have a ‘non-political’ representative at high-level ASEAN meetings, standing since its exclusion from such events…

Romanian fiscal and external deficits will remain wide

Location:

ROMANIA

Romania is among the member states liable to the EDP. Although its debt is relatively low at 47.9% of GDP, Romania has wide budget and current account deficits, yet its tax-to-GDP…

Canada's economy will affect political outlook in 2024

Location:

CANADA

The economy has not grown in the past two quarters and, on a per capita basis, has declined for six consecutive quarters. With the Bank of Canada ruling out interest rate cuts…

US offshore wind sector will miss Biden's 2030 target

Location:

UNITED STATES

Although the Inflation Reduction Act (IRA) is already channelling new funds into renewable energy, the US offshore wind sector faces financial challenges that will make Biden’s…

Sanctions will increase risks for Russian economy

Location:

RUSSIA

However, although output has grown, a tight labour market and persistent inflation have created new problems. The reorientation of trade away from Europe has resulted in a…

Ships’ safety off Yemen will depend on US-UK air power

Location:

INTERNATIONAL

A US-led coalition has struck targets in Yemen in response to uncrewed aerial vehicle (UAV) and missile attacks on ships in the Red Sea and Gulf of Aden, targeting both commercial…