GULF WEEKLY: OPEC+ maintains taper, Baghdad summit held, Saudi-Omani investments mooted

GULF COUNTRIES - Report 03 Sep 2021 by Justin Alexander

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

* OPEC+ stuck with its 400k b/d monthly taper, and Brent crude has rebounded to $73.
* The Saudi and Iran foreign ministers participated in the Baghdad summit, and a fourth round of bilateral talks are planned.
* Dubai’s ruler met with Qatar’s emir on the sidelines of the Baghdad summit.
* Moody’s update on Sharjah shows slightly improved fiscal forecasts but a weaker rating scorecard.
* NMC’s restructuring was agreed by creditors, and a third restructuring is nearly in place for Limitless.
* Mubadala is moving forward with a $1bn investment in Israel’s Tamar gas field.
* The UAE-Turkey détente moved forward as MBZ spoke with Erdogan.
* Qatar remained the focal point for Afghanistan evacuations and diplomacy and is working to reopen the Kabul airport.
* An Iraqi militia fired rockets towards Kuwait, likely aiming for a US military base.
* Oman saw strong gas and non-oil revenue in July, although oil fiscal revenue was weak relative to exports.
* The Saudi investment minister visited Oman as part of a recent push towards investment there.
* Bahrain and Israel exchanged ambassadors.

Now read on...

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