MENA | OPEC+ talks break down, Saudi tariffs, PMIs
OPEC+ negotiations to raise oil production in the coming months are in
deadlock as the UAE opposed an extension of the deal beyond the current end date of April 2022. Talks were abandoned with no date set for the next meeting and oil prices jumped to a three-year high of almost US$78pb, before retreating.
What you will learn:
- Saudi Arabia revised its import rules in a further sign of rising competition with the UAE, where free-zones are a key part of the economy.
- Imports from GCC free-zones and from Israel will now be excluded from preferential tariff agreements, signalling another move by Saudi Arabia to encourage international firms to relocate to Riyadh.
- Regional PMIs for June indicate recovery from the pandemic is under way in the non-oil private sector. The PMIs for Saudi Arabia and the UAE both remained firmly in expansionary territory at 56.4 and 52.2 respectively.
Tags:
Related Services

Post
BoK’s monetary policy to tighten even as hiking cycle ends
Even without rate hikes, central banks' monetary policies can effectively tighten if the nominal neutral rate falls below the policy rate. We expect this will be the case for the Bank of Korea this year, as the gap between the policy rate and the nominal neutral rate widens.
Find Out More
Post
China: Emerging green shoots in Spring, but not out of the woods
We now incorporate a faster recovery from the post-Covid exit wave and raise our 2023 full-year GDP growth forecast to 4.5% (from 4.2% previously).
Find Out More