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
Housing supply front and centre for policy makers
The passing of the previously delayed Housing Australia Future Fund (HAFF) means that all the Albanese government's announced housing policies are now in place. These policies represent a minimum funding pool of $5.5 billion stretching to the end of the decade, potentially lifting as high as $10 billion if all targets are met and excess fund returns achieved.
Find Out More
Post
BoJ will continue effective zero interest rate policy anyway in Japan
The Bank of Japan (BoJ) maintained the policy rates at its September meeting, following a tweak in its yield curve control policy in July. Although this decision was widely expected, the markets are starting to speculate policy changes within the coming quarters, especially after the BoJ governor's recent interview.
Find Out More