GULF WEEKLY: IEA says Gulf could pump more, Aramco could list more equity, PIF could issue after being rated
A skimmable summary overlaid with our analysis and links. Headlines:
* As oil continues to rise, the IEA hinted that the Gulf could make up for shortfalls elsewhere in OPEC+.
* Iran nuclear talks reconvened in Vienna amidst expectations that a deal is no more than a few weeks away.
* Omicron appears to have passed its peak in the Gulf with Qatar seeing the sharpest decline, whereas Bahrain has only just peaked.
* Saudi Arabia’s flash non-oil private growth eased to 5.0% y/y in Q4, and overall 2021 GDP growth was 3.3%.
* PIF received credit ratings in line with the sovereign ahead of an expected green bond issuance. Adnoc is also considering a green bond.
* There is talk of KSA selling another 2.5% of Aramco equity, worth $50bn, locally or with a secondary listing.
* Biden called King Salman, pledging support against Houthi attacks, and the US also pledged interceptors for the UAE.
* First Abu Dhabi Bank has made a bid for a majority stake in Egyptian investment bank EFG Hermes.
* Qatar has approached banks about possibly refinancing $10bn that matures next year.
* Europe is dropping opposition to long-term Qatari LNG contracts, and the US has asked Japan about diverting Qatari gas to Europe.
* Qatar’s emir met Abu Dhabi’s crown prince at the Olympics, their first contact since the 2017 spat.
* Iran’s trade minister visited Oman for high-level meetings and was part of a lower-key delegation to the UAE.
* Bahrain announced plans for a permanent residency scheme similar to those in some other Gulf states.
* Libya is at a crisis point as a rival prime minister was nominated and the incumbent was shot at.
* Iraq’s government formation process is suspended after a court blocked the leading candidate for president.
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