GULF WEEKLY: OPEC+ extends, Saudi COVID resurgence, Oman bailout talks
A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include:
* OPEC+ extends cuts for a month, and laggards promise compensation.
* Saudi faces a second coronavirus wave, but it hasn’t clearly emerged elsewhere yet.
* Fitch increased deficit forecasts on lower oil prices and output, particularly for Kuwait and Abu Dhabi.
* Dubai is consolidating GREs, merging developed Meraas with Dubai Holding.
* A UAE official penned an op-ed in an Israeli newspaper opposing West Bank annexation.
* Expat job cuts continue, including a 30% reduction in the Qatari public sector.
* Bloomberg confirmed reports of Omani bailout discussions with Kuwait, Qatar and the US.
* Oman received its first ($130m) loan from the OPEC Fund (dominated by Saudi).
* Oman’s March fiscal outturn shows a spike in non-oil revenue (Khazzan) and encouraging signs of spending cuts. Its reconciled 2019 outturn is also available.
* Bahrain finally released human rights activist Nabeel Rajeeb.
* Egypt has called for a ceasefire in Libya as Haftar retreats and a major oilfield is coming back online.
* Lebanon’s crisis continues as the currency plunges further and cronies are appointed to the central bank.
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