​GULF WEEKLY: UAE delays OPEC+ talks, Kuwait’s foreign assets surge, Bahrain’s Q1 GDP recovery is weak

GULF COUNTRIES - Report 02 Jul 2021 by Justin Alexander

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

* OPEC+ talks dragged into today as the UAE argues it should be able to produce more.
* US-Iran talks paused for a week as pressure builds due to non-cooperation with IAEA monitoring.
* Covid continued to surge in Oman but Bahrain’s daily case rate fell below the UAE's.
* Saudi unemployment fell in Q1 but this was partly due to reduced participation, and it remains high for young men.
* The Saudi current account surplus hit a 2-year high in Q1 but FX reserves continue to fall.
* The former commander of the Saudi army, a senior royal, has been sentenced to death for treason.
* The Saudi boycott of Turkish imports continued in June despite recent bilateral dialogue.
* Israel’s foreign minister visited the UAE to open an embassy and consulate.
* Qatar Petroleum issued $12.5bn in 5-30 year bonds to finance its LNG expansion plans.
* QIA reduced its holdings in Credit Suisse, though remaining the largest shareholder.
* Kuwait’s Future Fund grew by 33% y/y but its General Reserve may be nearly exhausted.
* Oman’s monthly deficit narrowed to -$163m in May and is -$2.1bn YTD.
* Oman’s Ghazzer gas field has reached its rated output of 500mcf/d.
* Bahrain’s non-oil GDP remained down -3.0% y/y in Q1, as its recovery lagged behind Saudi in most sectors.

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