GULF WEEKLY: OPEC+ tapers, Saudi plans $3trn capex, Kuwaiti MPs boycott parliament

GULF COUNTRIES - Report 01 Apr 2021 by Justin Alexander

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

* OPEC+ will taper by 1.1m b/d and eliminate the 1m b/d in extra Saudi cuts by July.
* Coronavirus continued to worsen across the region, with Qatar expected to go into lockdown.
* There were hints of a softening in both US and Iran over the JCPOA, with a meeting tomorrow.
* Saudi Arabia announced a $3.2trn 10-year public-private capex plan and a Green Initiative.
* Saudi unemployment dropped sharply in Q4 but mainly due to people dropping out of the labor force.
* Saudi was affirmed by S&P, and Qatar and Kuwait both got regular updates from Moody’s.
* Abu Dhabi launched its Murban crude futures contract, with healthy initial trading.
* Qatar’s non-oil GDP only rose 1.7% q/q in Q4 and remained down -4.2% y/y.
* Qatar Petroleum took full control of its original LNG trains after the 25-year JV expired.
* Most Kuwaiti MPs boycotted the first session of parliament in three months but the government secured a narrow quorum, with ministers voting to postpone grillings and reject the amnesty law.
* Oman saw a surge in revenue in February, and spending remained flat. It may have nearly fulfilled its central government financing needs for the year.
* Bahrain published its budget, and NOGA Holding issued a $600m sukuk.

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