GULF WEEKLY: Bahrain cabinet reshuffle, rates hiked by 25-75bp, Total invests in Qatar LNG, reactions to Biden visit

GULF COUNTRIES - Report 17 Jun 2022 by Justin Alexander

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

* The oil market remains tight, including due to an oil port blockade in Libya.
* Iran is facing a wave of social unrest, and the US tightened sanctions as nuclear talks remain stalled.
* Gulf states mainly followed the Fed hike, although Saudi only lifted by 50bp and Kuwait by 25bp.
* Biden’s decision to visit Saudi Arabia saw gloating in the Kingdom and anger from human rights groups.
* The Saudi oil minister visited Russia, and there were unconfirmed rumors of an LNG investment.
* Saudi Arabia rose sharply in the IMD competitiveness ranking, and Bahrain entered the index.
* Saudi inflation eased to 2.2% but Qatar’s rose to 5.2%.
* Total is the first partner in Qatar’s North Field expansion, with others expected soon.
* Qatar Airways swung from a record loss to a record profit in 2021/22.
* Kuwaiti MPs staged a sit-in protest over the lack of a government, and Crown Prince Mishal was ill.
* Kuwait approved a $10k grant to all pensioners but failed to advance the budget in parliament.
* Oman appointed its first new oil minister in a quarter century.
* OIA privatization plans could include the IPO of an oil services firm.
* Bahrain’s cabinet saw a major reshuffle, with a reduction in royals and an increase in Shia and women.
* A quarter of Iraqi’s MPs resigned due to Sadr’s frustration over government formation delay.
* Databank updates: Saudi & Qatar inflation, Bahrain tourism; UAE federal fiscal section added (old data)

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