GULF WEEKLY: Qatari LNG damaged, Brent rises above $110, Saudi Red Sea exports pick up
A skimmable summary overlaid with our analysis and links. Headlines:
* Brent rose above $110 after Israel bombed an Iranian gas field and Iran hit the Qatari side of the field.
* Qatar says 17% of its LNG will be offline for 3-5 years and its expansion could be delayed by a year.
* There was more chatter about Hormuz escorts and possible US assaults on Iranian islands.
* Oman’s foreign minister blamed Israel for the war and offered mediation to help extract the US.
* S&P affirmed Saudi Arabia, Qatar, Kuwait, Sharjah and RAK. It sees Kuwait’s deficit at 17% of GDP.
* Saudi crude exports at Yanbu rose above 4m b/d, although Iran targeted the Red Sea port.
* The Saudi Ras Tanura refinery restarted, but Samref was hit, as was Kuwait’s in Mina Al-Ahmadi.
* The UAE published its full federal budget, including (pre-war) projected corporate tax revenue.
* The UAE central bank announced a resilience package to support bank liquidity.
* Dubai real estate transactions fell -37% y/y in the first 12 days of March.
* Kuwait and the UAE both arrested people from what they said were Hezbollah-affiliated terror cells.
* Oman’s GDP growth picked up to 2.4% in 2025, led by transport and finance.
* Bahrain’s Alba aluminum plant has begun a phased shutdown, starting with a fifth of its capacity.
* S&P placed Iraq on CreditWatch Negative; its crude production is already down -70%.
* Databank updates: Bahrain & Sharjah fiscal; Oman GDP; forecasts for most from S&P, etc.
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