​GULF WEEKLY: WTO backs Qatar, Sabic deal restructured, oil rises on compliance

GULF COUNTRIES - Report 19 Jun 2020 by Rory Fyfe and Justin Alexander

A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include:

* Oil rises on signs of improving OPEC+ compliance.
* Coronavirus cases grew very rapidly in Saudi for a second week, but improved elsewhere.
* Bahraini holdings of US Treasuries fell -17% to $1.2bn in April.
* The WTO ruled largely in favor of Qatar in a dispute over Saudi media piracy.
* Separately, the UAE’s foreign minister said the latest Gulf dispute mediation push had failed.
* Aramco’s payment schedule for Sabic has been extended to 2028 to free up cash in 2020-21.
* Moody’s put UAE banks on negative outlooks but affirmed their solid credit profiles.
* Kuwait’s fiscal reform plans faced a serious grilling in the hostile parliament.
* Plans to build a GTL plant in Oman to monetize gas production are under review.
* An Omani was killed trying to cross the border fence into the UAE.
* Oman is expanding its 50% excise tax to most sweetened beverages.

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