GULF WEEKLY: GCC votes against annexation, oil demand revised down, Iraq picks president

GULF COUNTRIES - Report 14 Oct 2022 by Justin Alexander

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

* OPEC, IEA and EIA all revised down 2023 demand growth, and oil softened from last week’s surge.
* Our analysis of the updated OPEC supply projections implies relatively flat quotas in 2023.
* The US had offered to set a $75 floor to prices through SPR restocking if OPEC+ didn’t cut.
* Gulf states voted against Russia's annexation at the UN, while the UAE and Qatari rulers met Putin.
* The IMF WEO forecasts mainly revised down current and fiscal surpluses on lower oil assumptions.
* The Arabian Drilling and Marifiq IPOs saw strong demand, and several more KSA firms plan to list.
* Burjeel soared after its IPO in Abu Dhabi, and retailer LuLu is contemplating an IPO next year.
* The UAE launched unemployment insurance for expats, a first in the region.
* Qatar’s inflation rose to 6%, the highest this year, driven by World Cup-related demand.
* Oman’s monthly spending surged 20% m/m in August, but the YTD surplus was 3.8% of GDP.
* Moody’s scorecard for Oman lifts the rating range by a notch, supporting the case for an upgrade.
* Oman set a net-zero target of 2050, on par with UAE and earlier than Saudi Arabia and Bahrain.
* Kuwait delayed the first session of parliament to give time for consultations over cabinet formation.
* Iraq’s parliament selected a president who, in turn, nominated a prime minister.
* Protests in Iran, and the crackdown on them, continued for a fourth week. Nuclear talks are on hold.
* Databank update: Saudi & Qatar inflation, Oman fiscal, IMF WEO and Moody’s Oman forecasts.

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