GULF WEEKLY: OPEC+ postpones taper, Khashoggi report reverberates, Kuwait forms cabinet

GULF COUNTRIES - Report 05 Mar 2021 by Justin Alexander

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

* OPEC+ surprised markets by keeping cuts unchanged for April, including Saudi’s extra 1m b/d.
* Iran rejected an EU proposal for talks but there were hints of a softening later in the week after the US withdrew a critical resolution it had tabled at the IAEA board.
* Coronavirus cases spiked in Kuwait, which is reintroducing a curfew for a month.
* The PMIs eased in the UAE and Qatar and fell more sharply in Saudi, which still has the highest.
* PIF is close to sealing a $15bn loan, Aramco is looking to extend a $10bn loan, and Saudi is seeking $3bn.
* The US did not take further action over Khashoggi, despite calls for sanctions on MBS.
* In the UAE, Sharjah issued $1.25bn and Mubadala issued €1.1bn.
* The Netherlands postponed a trade mission to Qatar over migrant worker deaths concerns.
* Kuwait formed a new cabinet with four changes in ministers and some reshuffling of portfolios.
* Oman published January fiscal data as part of a new Ministry of Finance monthly bulletin.
* Oman closed a $2.2bn 15-month loan and has withdrawn $1.6bn in financing from the OIA.
* A decree transferring Block 6 to Energy Development Oman included a formula for royalties.
* Bahrain’s parliament approved the budget but increased expenditure allocations.
* Lebanon’s currency fell to a record low of LBP10,000, -85% below the peg.

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