Commodities Weekly Demand indicators to continue to drive prices for now The oil price ended the week flat despite Saudi Arabia pledging to cut output by 1m bpd in July at the OPEC+ meeting last weekend. Most other commodity prices rose, supported by China’s May trade data... 9th June 2023 · 6 mins read
Middle East & North Africa Economics Weekly Saudi sporting fever, OPEC+ fallout, Kuwait elections Saudi Arabia has dominated the sports headlines this week with big-money moves for global football stars a sign that the Kingdom is recycling large current account surplus. But the move does raise... 8th June 2023 · 7 mins read
Commodities Chart Pack Investor pessimism may be running too deep Most commodity prices have moved lower over the past month as concerns about demand loomed large and the US dollar strengthened. We think that prices will continue to struggle over the next few months... 7th June 2023 · 13 mins read
Commodities China’s imports firing on all cylinders in May Growth in China’s commodity imports generally was strong in May, with a notable rise in crude oil imports. While the data are consistent with our above-consensus outlook for China’s growth this year... 7th June 2023 · 2 mins read
Capital Daily OPEC+ cuts: another worrying sign for global markets OPEC+’s decision over the weekend to cut oil production for the second time this year adds to an already muddled picture for global markets. Three key points are worth highlighting. 5th June 2023 · 5 mins read
Middle East & North Africa Economics Update Saudi economy to contract on back of oil output cuts Saudi Arabia pushed through another oil production cut at the OPEC+ meeting, but, it will come at the cost of slower economic growth and we now think the economy will contract by 0.5% this year. The... 5th June 2023 · 3 mins read
OPEC Watch Five key takeaways from Sunday’s OPEC+ meeting Oil output will be more constrained in the second half of this year if the OPEC+ members stick to their recently-announced production quotas. However, we have also raised our forecast of Russian... 5th June 2023 · 4 mins read
Commodities Weekly OPEC+ likely to stand pat It was a week of two halves, with prices initially falling before the passage of the US debt ceiling bill and a strong US May employment report saw prices recoup some of those losses later in the week... 2nd June 2023 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report Oil prices surged on the back of this week’s report, which managed to successfully tear investors’ attention away from the upcoming OPEC+ meeting this weekend. In isolation, there was little to... 1st June 2023 · 2 mins read
Middle East & North Africa Economics Weekly OPEC+ meeting, Saudi mortgages and 2022 census This weekend’s OPEC+ meeting will be closely watched. We expect that the group will stand pat on Sunday, but OPEC+ has a history of springing surprises. Meanwhile, the Kingdom’s 2022 Census revealed... 1st June 2023 · 8 mins read
Asset Allocation Chart Pack Odds look stacked against risky assets Aside from the US stock market – which is being propped up by a handful of big name stocks and a serious dose of AI fever – most risky assets have struggled over the past month or so. We don’t think... 1st June 2023 · 12 mins read
Commodities Update China’s PMIs point to solid, if unexciting, demand China’s PMI surveys suggest that the economic recovery is ongoing, but the pace of growth has slowed. While a lower reading for construction activity is a negative for metals prices, the persistent... 1st June 2023 · 2 mins read
Commodities Weekly Data and debt ceiling to move prices next week Commodity prices generally fell this week, as investors’ expectations for the Federal Reserve’s policy rate rose on concern about the persistence of high inflation. The dollar also strengthened... 26th May 2023 · 6 mins read
Middle East & North Africa Economics Weekly BCT independence, Saudi-OPEC+, Egypt reforms The independence of Tunisia’s central bank has come under threat this week, which will only diminish any remaining hopes that the country’s IMF deal will be approved. Elsewhere, comments from Saudi... 25th May 2023 · 6 mins read
Event Energy Drop-In: Is OPEC+ gearing up for another cut? 1685624400 Speculation is building that, after its surprise April cut failed to lift oil prices for very long, OPEC+ could use its 3rd-4th June meeting to announce further production cuts.
Middle East & North Africa Chart Pack Gulf growth slowing The flash Q1 GDP figures for Saudi Arabia showed the economy grew at its weakest pace in two years at the start of 2023, reflecting the cut in oil production in line with the OPEC+ decision in October... 24th May 2023 · 12 mins read
