​GULF WEEKLY: OPEC+ near to extending cuts, Saudi transferred $40bn to PIF

GULF COUNTRIES - Report 05 Jun 2020 by Rory Fyfe and Justin Alexander

A skimmable summary of key developments, overlaid with our analysis and links to further information. Headlines include:

* Oil rallied on further indications of a pending extension to OPEC+ cuts.
* PMIs began to recover across the region in May.
* Coronavirus infections fell by -5% w/w in the GCC, their first regional decline, but rose 57% in Oman.
* Saudi FX reserves fell by -$25bn in April, mainly in transfers for PIF to invest abroad.
* Saudi hiked custom duties on many items to boost revenue and protect domestic firms.
* S&P maintained its ratings on Abu Dhabi and Bahrain, but cut its forecasts sharply.
* Sharjah sold a $1bn 7yr sukuk with a tightly priced +245bn spread.
* As the Qatar dispute entered its fourth year there was a fresh US/Kuwaiti mediation push.
* Qatar made a record $20bn reservation for over 100 LG carriers from Korean shipbuilders.
* Kuwait announced plans to cut spending by -20%, which it is unlikely to achieve.
* S&P clarified that it expects currency pegs to hold, including in Bahrain and Oman.
* The Oman Investment Authority was created to consolidate sovereign wealth.

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