GULF WEEKLY: Saudi Arabia upgraded, new OPEC+ “compensation” cuts, Qatar mediates Congo-Rwanda, Israel restarts Gaza war

GULF COUNTRIES - Report 21 Mar 2025 by Justin Alexander

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

* OPEC+ pledged 128m barrels in compensatory cuts, offsetting two months of tapering.
* Oman's pledges were the largest in the GCC, in relative terms, and its 2025 output will be flat.
* S&P upgraded Saudi Arabia to A+ due to institutional reforms, despite a weaker fiscal outlook.
* PIF is considering a debut euro bond, and subsidiaries like Neom may also issue debt.
* The UAE’s non-oil GDP growth remained strong at 4.7% in Q3, led by construction.
* Sheikh Tahnoun met with Trump and US CEOs; ADQ announced a $25bn IS AI energy partnership.
* Mubadala is considering selling its energy division to Adnoc and, separately, its 10% stake in Du.
* Moody’s affirmed Abu Dhabi and hiked its fiscal forecast; Fitch affirmed Qatar but trimmed its surplus.
* Qatar’s non-oil GDP grew by 6.2% in Q4 and by about 3.8% in 2024.
* Qatar mediated a Congo-Rwanda ceasefire and, separately, a Taliban-US hostage release.
* Bahrain FX reserves data, delayed by an audit, looks fine, but public debt was revised up.
* Israel restarted the war on Gaza, killing over 600, after Hamas rejected changes to ceasefire terms.
* The US launched air strikes on the Houthis in Yemen, who attack shipping in solidarity with Gaza.
* Databank updates: UAE and Qatar GDP; Forecasts for Saudi, Kuwait, Qatar and UAE; OPEC+ targets.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2025 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.