GULF WEEKLY: Oil production rebounds, Oman’s surplus widens while Qatar’s deficit grows, Abu Dhabi records GCC’s highest inflation

GULF COUNTRIES - Report 13 Nov 2026 by Justin Alexander

A skimmable summary overlaid with our analysis and links. Headlines:

* Iran fired drones at Bahrain for the first time since September, in response to several US strikes.
* Qatar’s PM met with Trump for mediation. Vance is reportedly considering direct talks with Rezaei.
* The Houthis have reportedly reached Yemen’s south coast and struck Aramco’s tower in KAFD.
* Gulf region oil production, excluding Iran, recovered to pre-war levels in October.
* Saudi production surged by 26% m/m to the second-highest since 2022, also lifting Bahrain.
* GCC ministers signed the GCC Railway Project and approved a forward military command HQ in Kuwait.
* Saudi listed companies (ex-Aramco) saw a 14% y/y increase in Q3 earnings.
* UAE corporate income tax revenue rose by 34% in 2025 to about 2% of GDP.
* Abu Dhabi published 7 months of inflation data, including 6% in September, the highest in the GCC.
* A court in Abu Dhabi made $6.6bn in rulings against the founder and former CEO of NMC Health.
* FAB approved a $4.1bn rights issue, which its largest shareholder, Mubadala, plans to subscribe to.
* Abu Dhabi hosted US-mediated Russia-Ukraine talks that resulted in a large prisoner exchange.
* Qatar’s fiscal deficit widened to -12% of GDP in Q3, despite cutting spending to a 10-year low.
* Poland’s Orlen is the first customer to cancel an LNG contract with QatarEnergy over the halt in exports.
* Moody’s placed Kuwaiti petrochemicals firm EQUATE on a Negative outlook because of Hormuz.
* Boubyan Bank issued a $500m AT1, and KFH listed the first dinar sukuk on Boursa Kuwait.
* Oman’s Q3 fiscal surplus rose to 1% of GDP, thanks to a surge in gas revenue by 124% y/y.
* The legal framework for the International Financial Centre of Oman was issued in royal decrees.
* MPs in Bahrain voted in favor of a levy on oil exports to finance pension increases, despite deficits.
* Databank updates: Qatar and Oman fiscal, Abu Dhabi and Oman inflation, OPEC oil, Oman forecasts.

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