GULF WEEKLY: OPEC+ accelerates taper, Oman upgraded again, Saudi to expand foreign property ownership, Trump threatens BRICS tariff

GULF COUNTRIES - Report 11 Jul 2025 by Justin Alexander

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

* OPEC+ is accelerating its taper by 0.55m b/d in August, more than had been expected.
* The IEA estimates that Saudi production surged in June to 0.4m b/d above its quota.
* Saudi Arabia was ranked 1st globally for ICT development, with four other GCC states in the top 10.
* The Saudi population rose by 4.7% in 2024 as expats surged by 8.4%.
* A new law will permit foreign property ownership in parts of Saudi Arabia from next year.
* UAE oil capacity could be further increased to 6m b/d, nearly double the current output.
* Trump threatened a 10% tariff on BRICS members, which include the UAE.
* The UAE signed a CEPA with Azerbaijan, its 27th trade deal in four years.
* Saudi Arabia’s Jahez bought a majority stake in Qatari e-commerce startup Snoonu for $245m.
* KIA sold a $3.1bn stake in Bank of America, acquired back in 2008.
* Iraq dropped an appeal against a Supreme Court ruling related to its maritime border with Kuwait.
* Moody’s upgraded Oman to Baa3, and the country’s credit default swaps fell to a record low.
* Oman LNG’s production rose by 4% in 2024 to a record 12m t/yr.
* Online toll payment has significantly cut delays on the Bahrain-Saudi causeway, supporting tourism.
* As Qatar mediates on Gaza, the US and Israel said a ceasefire could come within days.
* Databank updates: Qatar inflation, OPEC+ quotas, Saudi manufacturing.

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