GULF WEEKLY: OPEC+ compromise pending, Sultan visits Saudi, Fitch stabilizes Saudi outlook

GULF COUNTRIES - Report 16 Jul 2021 by Justin Alexander

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

* The UAE is willing to support an OPEC+ extension to end-2022 in return for a 0.5m b/d hike in its baseline.
* JCPOA talks appear to be stalled until at least mid-August.
* Coronavirus rates are improving in Kuwait and Oman, the worst affected Gulf states.
* Fitch improved Saudi’s outlook to stable due to higher oil prices and fiscal consolidation.
* The controversial new Saudi rules of origin for customs-free entry for Gulf products are creating border delays, and the workforce requirements are almost impossible for UAE companies to meet.
* Saudi Arabia capped local fuel prices for the first time since subsidy reform in 2016.
* Although Dubai’s PMI dipped to 51, business confidence is rising ahead of Expo.
* Mubadala is in talks to sell GlobalFoundries to Intel for around $30bn.
* Qatar signed a 2m t/yr LNG supply agreement in Korea, its 6th deal in Asia this year.
* Qatar received ICAO approval to take control of civil aviation in its airspace from Bahrain.
* Oman’s Sultan visited MBS and King Salman in Neom, cementing warming relations with Saudi Arabia.
* Moody’s revised down its forecast of Oman’s deficit to -3.6% of GDP.
* Commercial Bank of Qatar failed in its bid to take majority ownership of National Bank of Oman.
* Sa’ad Hariri quit as prime minister-designate after failing to form a Lebanese government.
* Jordan convicted a prominent Saudi-linked official of sedition in support of Prince Hamzah.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.