GULF WEEKLY: OPEC+ slows its taper, PMIs surge in KSA and Kuwait, Syrian rebels capture Aleppo and Hama
A skimmable summary overlaid with our analysis and links. Headlines:
* OPEC+ reduced 2025 taper plans by 1m b/d and extended cuts into 2026, but the market shrugged.
* Participating GCC states will increase output in 2025 by a third of what was previously planned.
* Gulf leaders met in Kuwait and called for a ceasefire in Gaza. MBS and MBZ met in Abu Dhabi.
* PMIs surged in KSA (to 59) and Kuwait (to 56) but held steady in the UAE (54) and Qatar (53).
* The Riyadh Metro finally opened and attracted flocks of Saudis seeking to escape congestion.
* Macron visited Saudi Arabia; deals included solar contracts and $10bn in export credit for PIF.
* The UAE’s fiscal surplus rose to 5.8% of GDP in Q3 and was 6.4% YTD.
* The IMF published its UAE Article IV report and sees upside risks to growth.
* Knight Frank thinks Dubai residential prices could rise another 8% in 2025, on top of 20% this year.
* Adnoc signed a 1m t/yr LNG deal with Petronas; QatarEnergy signed a 3m t/yr deal with Shell.
* Kuwait continued its campaign of revoking citizenship, ejecting over 9,000 people so far.
* OQ Base Industries IPO priced at the top of its range, and OQ is considering listing more units.
* Oman launched its first rocket into space from Duqm spaceport.
* Bahrain’s foreign reserves dropped back sharply in October, down -17% m/m.
* Lebanon’s ceasefire has been shaky. Qatar has revived mediation for a Gaza ceasefire.
* Syrian rebels captured Aleppo and Hama, the second and fourth largest cities, and are advancing.
* Databank updates: UAE Q3 fiscal, Sharjah GDP, UAE forecasts (IMF), Tourism (Dubai and Oman), OPEC+ data.
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