GULF WEEKLY: Oil drops on deal hopes, Saudi companies postpone IPOs, Oman oil output up 10%

GULF COUNTRIES - Report 12 Jun 2026 by Justin Alexander

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

* Trump claimed yet again that an Iran deal is imminent; betting markets see a 50% chance by end-June, and Brent dropped to $86, the lowest since early March.
* If there is a breakthrough, with talk of a potential signing this weekend, Qatari mediation on Wednesday played a role.
* This came after escalation, including a US helicopter being shot down and the first Israel-Iran clashes since April.
* Iran targeted Kuwait and Bahrain again. The US enforced its blockade, killing three Indian sailors.
* OPEC+ announced more nominal tapering, but few members of the cartel increased output in May.
* Saudi Q1 GDP growth of 3.0% was led by finance (5.4%), one of the few sectors that accelerated during the quarter.
* Two Saudi companies, contractor MGC and developer Arabian Dyar, postponed planned IPOs.
* Emaar announced a $54bn 150k housing-unit development in Dubai, amid mixed market signals.
* Qatar hotel occupancy fell to 44% in April, the lowest on record, with arrivals down by about -80%.
* KPC’s CEO said Kuwait could restore 80% of output within a month of Hormuz reopening.
* Kuwait shortlisted bidders for its $7.5bn pipeline lease/leaseback deal.
* OPEC data showed that Oman’s production was 10% above quota in April and May.
* Oman’s Q1 banking data showed strong q/q growth in deposits and credit to the private sector.
* OPEC revised down Bahrain’s oil production estimates; it averaged just 49k b/d in the last three months.
* Tamkeen launched an emergency grants program to support war-hit Bahraini companies.
* Databank updates: Saudi GDP, OPEC oil data, Saudi manufacturing.

Now read on...

Register to sample a report

Register
Must have at least 8 characters
Sign-in
Forgot your password?
Copyright 2026 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.