​Gulf weekly: Russia quits OPEC+, Oman downgraded, coronavirus spreads, rates cut

GULF COUNTRIES - Report 06 Mar 2020 by Rory Fyfe and Justin Alexander

The weekly is a skimmable summary of key developments by country, overlaid with our analysis, the outlook and links to further information. Headlines include:

* Russia rejected a proposal to extend and expand the OPEC+ oil cuts, crashing prices.
* The coronavirus spread to all Gulf states, and new closure measures were introduced.
* Gulf central banks largely mirrored US Fed interest rate cuts.
* Joe Biden is now the likely Democrat nominee and wouldn’t be too disruptive for the GCC.
* Saudi growth slowed to 0.3% in 2019, including a 0.3% y/y contraction in Q4.
* PMIs fell in Saudi and UAE but rose slightly in Qatar.
* Moody’s downgraded Oman to Ba2 (stable) given weaker finances, despite reform hopes.
* Iraq’s prime minister designate withdrew after parliament failed to endorse his cabinet.

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