GULF WEEKLY: OPEC+ unexpectedly cuts, Saudi Q2 GDP is strong, UAE may double oil expansion plans

GULF COUNTRIES - Report 09 Sep 2022 by Justin Alexander

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

* OPEC+ cut its quota for the first time since 2020, by just 100k b/d, but Brent crude still dipped below $90.
* The Iran nuclear deal may have lost momentum, even as its uranium stockpile reaches critical levels
* The Saudi and UAE PMIs rose in August as softer input prices supported sales. Qatar’s fell sharply.
* Saudi private non-oil GDP surged by 8.2% y/y in Q2, led by manufacturing, trade and construction.
* PIF is reportedly close to refinancing and expanding its $11bn debut loan.
* The UAE may boost its oil capacity by 1m b/d 3-5 years ahead of target and add another 1m by 2030.
* The IPO of Dubai’s toll-road operator Salik is going ahead, aiming to raise $1bn for a 20% stake.
* ADCB sold $500m in green bonds and is in talks to dispose of $1.1bn in bad debt.
* Qatar central bank is discouraging swaps to reduce the small premium on the riyal offshore.
* QIA plans to become an anchor investor in the Porsche IPO, buying $3-4bn in stock.
* Kuwait’s loyalist speaker of parliament is not running for re-election.
* Oman’s fiscal surplus rose in July and reached $2.6bn YTD.
* Bahrain set elections for November 12 and appointed the finance minister as chair of Mumtalakat.
* Iraq’s supreme court ruled that it can’t dissolve parliament, as Muqtada Sadr had wanted.
* Databank update: Saudi Q2 GDP, Oman fiscal, PMIs, Oman forecasts.

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