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
Affordability is top of mind as US government shutdown ends
The end of the government shutdown did not alter the broader economic trajectory, but it did create a sharp swing in the sequential pace of GDP growth within the November baseline outlook. As Washington refocuses on affordability and agencies restart delayed data releases, the coming weeks will offer clearer insight into how policy debates, price pressures, and election-year dynamics may shape the near-term environment.
Find Out More
Post
US Trade troubles on the farm
Farm bankruptcies are rising, and the underlying pressures go well beyond this year's turbulence in US-China relations, pointing to structural weaknesses that will continue to shape the agricultural outlook through 2026.
Find Out More
