GULF WEEKLY: US-Iran nuclear talks begin, Oman and Europe plan hydrogen corridor, Bahraini parliament calls for tariffs on US
A skimmable summary overlaid with our analysis and links. Headlines:
* Oil recovered to a two-week high of $67, and OPEC+ announced revised compensation cuts.
* OPEC and the IEA both revised down both oil demand and supply forecasts due to US policies.
* US-Iran nuclear talks in Oman seemed to go relatively well, and the second round will be in Rome on Sat.
* The Saudi defense minister visited Iran, the highest Saudi official to do so for decades.
* Saudi inflation rose to 2.3%, nearly a two-year high, despite rental growth easing slightly.
* The US energy secretary visited Saudi Arabia and discussed support for nuclear power.
* Adnoc is considering a $9bn bid for US gas assets from Aethon.
* Abu Dhabi is making new investments in the UK, including in education and electricity.
* Qatar formed a joint investment fund with Indonesia and may invest $7.5bn in Egypt.
* Kuwait is merging its state-owned oil refining companies, KPNC and KIPIC.
* Kuwait’s former defense minister, Sheikh Ahmed al-Fahad, is facing corruption charges.
* Oman signed an agreement to facilitate hydrogen exports with Dutch and German partners.
* Fitch sees Bahrain’s deficit at -9% of GDP in 2025 and debt surging to 145% of GDP by 2029.
* Bahrain’s parliament called for 10% tariffs on US goods, but the government is sticking with 0%.
* Saudi Arabia and the UAE denied discussions with the US on an assault on Hodeida in Yemen.
* Syria’s president visited the UAE and Qatar, and Saudi Arabia is paying off its World Bank debt.
* Databank updates: OPEC oil production, Qatar & Bahrain forecasts, Saudi inflation.
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