GULF WEEKLY: OPEC+ sticks with taper, S&P stabilizes Bahrain, Macron sells jets to UAE

GULF COUNTRIES - Report 03 Dec 2021 by Justin Alexander

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

* OPEC+ surprised markets by sticking with its taper but hinted that it could reconsider mid-month if needed.
* Iran nuclear talks finally reconvened, just as Iran restarted enrichment at a controversial underground site.
* Omicron cases have been detected in UAE and Saudi Arabia, and infected people have travelled via Qatar.
* Aramco awarded the first contracts for its giant Jafurah shale gas project.
* The Saudi trade minister’s visit to Turkey may signal progress in relations, but imports remained down -93% in Nov.
* Abu Dhabi revised up its oil reserves by 4% and approved a five-year $127bn hydrocarbons development plan.
* At the same time, Abu Dhabi GREs linked up to collaborate on renewable energy under the umbrella of Masdar.
* The UAE signed a $19bn fighter jet deal with France at the start of a regional visit by Macron.
* Macron will try to mediate the Gulf spat with Lebanon after the minister who sparked it resigned today, and Lebanon’s president visited Qatar.
* QatarEnergy won a second offshore gas exploration block in Cyprus, despite Turkish claims on the area.
* The Saudi Crown Prince is expected to visit Oman soon, cementing the warming bilateral ties.
* S&P revised Bahrain’s outlook to stable, the country’s first positive rating action in three years.
* Nogaholding extended the time frame for the development of Bahrain’s shale oil reserves.

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