Libya reopened some oil fields and export terminals, but less than a third of its capacity. The US asserted UN sanctions had snapped back on Iran, while the UN Sec Gen said no. Iran was a major topic of debate at the virtual UN General Assembly, which included a rare appearance by the Saudi King. …
Oman may issue debt & Libya partly restarts production Read More »
Bahrain and UAE signed normalisation agreements with Israel in Washington. We do not expect any other Gulf states to follow imminently, for differing reasons. Coronavirus cases are again rising in Oman, following trends in Bahrain and UAE. Hafter said he will lift the blockade on 1m b/d of Libyan oil exports. This comes amidst protests …
Bahrain normalises ties with Israel & US upgrades Qatar relations Read More »
Oil fell to a three-month low of $39 on demand weakness and rising stocks. Coronavirus cases are rising sharply again in Bahrain and UAE. Bahrain issued $2bn at lower yields than a year ago but couldn’t sell a 30yr tranche. Oman is making preparations for a local sukuk and an international bond. Saudi commuted death …
Dubai issued $2bn in bonds and sukuk and Bahrain started talks with banks about an issuance to take advantage of the sharp fall in yields. The first Israel-UAE flight travelled over Saudi Arabia as normalisation continued. PMIs fell back into contraction in UAE and Saudi as rebounds faded, Qatar’s also dipped. Aramco is reportedly slowing …
● The UAE normalised relations with Israel, linking this to a suspension of annexation plans.● Oil had a flat week as the IEA and OPEC both reduced their demand expectations.● Aramco’s Q2 earnings showed just $6.1bn in free cash flow but it is sticking to its dividend.● Kuwait will hold elections on 28 November and …
GULF WEEKLY: UAE-Israel normalisation, Aramco dividend, Oman loan, Bahrain downgrade Read More »
PMIs in the GCC have started to recover, Dubai real estate firms have been junked and the UAE has restructured its Federal government
BAHRAIN: Q1 GDP outturn is worse than it initially looks
Bahrain reserves hit record low while Oman is downgraded by Moddy’s and Saudi curtails Hajj
Official statistics show a 1.5% budget surplus but reality is more like an underlying deficit of 6%
Oil rallied on OPEC+ cuts, PMIs showed tentative start to recovery & infections fell.