GULF WEEKLY: Hormuz deal stalls, Kuwait’s oil production rebounds, Qatar LNG loadings rise
A skimmable summary overlaid with our analysis and links. Headlines:
* There were no direct US-Iran strikes, but rhetoric was heated, and a Hormuz deal was not finalized.
* Iran fired on three Adnoc tankers, and the US fired on a cargo ship heading for Iran.
* The Houthis repeatedly struck Aramco’s Jizan refinery and killed six on an Egyptian cargo ship.
* Oil production rose in July, notably in Kuwait and Iraq, which is getting Adnoc’s help with shipping.
* Saudi inflation remained steady and moderate at 1.8% in July, although housing picked up to 4.2%.
* Abu Dhabi trade data for April showed a sharp shift in non-oil exports from sea to air.
* Recovering from strikes, Habshan gas is back to 85% capacity, while Al Taweelah smelter is at 18%.
* Qatar’s current account surplus rose to 10% of GDP in Q1 as lower payments to oil companies offset reduced exports.
* Qatar’s official reserves surged by 9% m/m in July due to a transfer from the "other liquid assets" line.
* Qatar’s LNG loadings are at the highest since March, although still down by -65% y/y.
* QNB is raising a $2bn syndicated 5-yr loan for refinancing, mainly from Asian investors.
* Fitch forecasts a -13% decline in Kuwait’s GDP and a fiscal deficit of -19% of GDP this year.
* Kuwait said it foiled two Islamic State-linked plots, one reportedly targeting a mosque.
* Oman’s private sector credit growth accelerated to 10% y/y in June, and deposit growth to 13%.
* A major oil spill is leaking from a Russian tanker grounded on an island in southern Oman.
* Bahrain sold a $530m local development bond, with only modest oversubscription.
* Israel rejected Trump’s Gaza withdrawal plan and moved closer to annexing the West Bank.
* Databank updates: Qatar BoP, Saudi & Oman inflation, Kuwait forecasts, monthly oil data. New ratings sheet.
Now read on...
Register to sample a report