GULF WEEKLY: Saudi opens airspace to Israel, oil touches post-Ukraine low, Libyan oil blockade may end

GULF COUNTRIES - Report 15 Jul 2022 by Justin Alexander

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

* Oil briefly fell to $94 on Thursday, its lowest since the invasion of Ukraine, amidst recession fears.
* OPEC sees 2023 demand rising to 103m b/d (and 105.4m in Q4), well ahead of the IEA forecast.
* Libya’s oil blockade may end in an apparent Dbeibeh-Haftar deal, including replacing the NOC chair.
* Biden signed a partnership with Israel committing to block Iran from going nuclear.
* Biden’s visit to KSA was framed in op-eds by himself and the Saudi ambassador to the US.
* Ahead of his arrival, Saudi Arabia quietly opened its airspace to Israel.
* Israel in turn appears to have agreed on a US-mediated deal with KSA on the Straits of Tiran.
* Saudi inflation remained among the lowest global in June at 2.3%.
* Dubai’s PMI rose to a three-year high of 56.1, despite cost pressures.
* The UAE will invest $2bn in Indian food parks as part of a new US-UAE-India-Israel alliance.
* The UAE rose to 6th place in the rankings of the best global destinations for expats.
* Qatar’s hydrocarbon output fell back sharply in May, as part of volatility related to LNG maintenance.
* Oman’s Sultan visited Germany and signed an energy cooperation agreement.
* Bahrain issued a $530m local development bond.

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