GULF WEEKLY: Qatar reconciliation, Saudi oil cut, Kuwaiti cabinet may resign, Omani budget
A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include:
* OPEC agreed to hold production largely flat for two months, then Saudi voluntarily cut by 1m b/d.
* The cut pushed oil to a post-Covid high. Unrelatedly, the Asian LNG spot surged to a record high.
* The boycott of Qatar has ended, but underlying differences remain, particularly with the UAE.
* Developments in the US increase the chance of an Iran deal, despite its move to 20% enrichment.
* The UAE has vaccinated 8% of its population and aims for 50% in Q1.
* Saudi’s PMI surged to 57, the UAE’s returned to modest expansion at 51.2, and Qatar’s was 51.8.
* The UAE’s largest banks issued $1.25bn in bonds and sukuk.
* Qatar awarded a design contract for the second phase of its North Field expansion.
* Kuwait’s government may resign after a dramatic clash with the new parliament.
* Oman's 2021 budget aims to cut the deficit, through a mix of consolidation and moving some oil costs off-budget.
* Oman's revised medium-term fiscal plan aims for a small surplus by 2025.
* Bahrain's Q3 GDP saw a weak 1.3% q/q recovery in the non-oil sector.
* Bahrain issued a $265m local bond, and Oman announced an auction for a similar size.
Now read on...
Register to sample a report