GULF WEEKLY: Oil rises in tight market, Sharjah issues sukuk, Oman’s current account returns to surplus, Houthis talk peace in Riyadh

GULF COUNTRIES - Report 15 Sep 2023 by Justin Alexander

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

* Brent crude rose to $94 as forecasts point to a potential Q4 supply gap of over 3m b/d.
* The IEA and OPEC clashed over longer-term forecasts; the IEA expects demand to peak this decade.
* Turkey criticized plans for an India-Middle East-Europe Economic Corridor announced at the G20.
* The Corridor, including rail/shipping and a hydrogen pipeline, would be good for Saudi and the UAE.
* The US Congress was formally notified of the planned US-Iran prisoner swap in Qatar.
* Saudi Arabia and the US may partner on cobalt supplies but a defense deal with Raytheon fell through.
* Houthi officials arrived in Riyadh for Omani-mediated Yemen peace talks.
* Sharjah sold a $750m 10.5-year sukuk, and a UAE federal dollar bond is expected soon.
* Mubadala and ADIA are increasing their allocations to private credit, via Blue Owl and Barclays.
* Oman achieved its first current account surplus in 8 years, at 6.4% of GDP, and FDI inflows at 5%.
* Oman’s VAT revenue rose to 1.2% of GDP in 2022, its first full year of implementation.
* Oman’s July fiscal data showed controlled expenditure but a slowdown in non-oil revenue growth.
* Oman’s EDO Gas was assigned ratings ahead of a debut sukuk.
* Prisoners in Bahrain ended their 5-week hunger strike as the crown prince visited the US.
* Turkey indicated that the oil pipeline from Iraq should be able to reopen soon.
* Databank updates: Oman fiscal and BoP, Saudi inflation, Dubai PMI, Saudi & Qatar industrial production.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 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.