OPEC may cut oil output for first time in five years

Source: Saudi Gazette (Read full story)

The Organization of Petroleum Exporting Countries (OPEC) may move to slash its oil production for the first time in five years when it meets in December, responding to the surge in US shale oil. According to The Wall Street Journal, OPEC could reduce production by half a million barrels a day. The group’s latest report signaled that the US shale oil boom will cut into its share of the world market in 2014 even as world demand grows at its fastest clip in four years. The International Energy Agency also released a report last week that showed demand for OPEC oil next year will fail to meet its current production of around 30 million barrels a day.

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Kuwait delivers free oil to Egypt – Gulf welcomes fall of Morsi

Source: Kuwait Times (Read full story)

Kuwait has sent two oil tankers carrying crude and diesel worth $200 million to Egypt, a Kuwaiti newspaper said yesterday – part of a $4 billion aid package pledged by the Gulf Arab state last week after the ouster of Islamist President Mohamed Morsi. Kuwait last week joined other oil-producing Gulf states in pledging a massive aid package worth $12 billion to Egypt in a show of support after the army toppled the Muslim Brotherhood government. Most US-allied Gulf monarchies regard the Brotherhood as a threat.

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Foreign stake rise works well for IQ stocks

Source: The Peninsula (Read full story)

Increase in foreign ownership limit (FOL) worked well for the price and trade volumes of Industries Qatar’s (IQ) stocks. After raising its foreign ownership cap to 12.25 percent from 7.5 percent in October 2012, IQ’s stock price fell immediately, but picked up later. The stock price picked up and gathered almost 17 percent before the announcement of the full year 2012 results. Average daily share trade volume of the 90 days before the announcement were 115.175 while for the same number of days after the announcement were 228.125, an increase of almost cent percent.

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EU-Gulf free trade deal edges closer

Source: Arabian Business (Read full story)

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In comments that appeared to show the GCC’s reinvigorated desire to seal a FTA between the two major blocs in the free world, Bahrain’s Foreign Minister Sheikh Khalid bin Ahmed Al Khalifa said negotiators should now “strive harder to overcome the remaining obstacles to finalize signing”. However, the GCC’s insistence that it retain the right to impose duties on its exports remains the one major stumbling block. “I can say that almost 99 per cent of the items have being agreed and only one issue related to export duties is currently being reviewed before any decision is reached,” Sheikh Khalid told media following a meeting with EU officials in Manama, according to Gulf Daily News.

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Qatar expels Lebanese after GCC Hezbollah decision

Source: Khaleej Times (Read full story)

At least 18 Lebanese citizens have been expelled from Qatar, a government source in Beirut said on Thursday, after the Gulf Cooperation Council pledged to act against members of Lebanon’s Hezbollah movement. “Eighteen Lebanese have been expelled from Qatar, in the wake of the GCC decision,” the source said on condition of anonymity, saying it was not clear if they were Hezbollah members. On June 10, the GCC, to which Qatar belongs, said it would implement measures affecting the “residency permits and financial and commercial transactions of Hezbollah” in response to the group’s involvement in the conflict in Syria.

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Cabinet to meet to decide on ideal date for elections – Debate rages over constitutional court ruling

Source: Kuwait Times (Read full story)

The Cabinet is expected to hold an extraordinary session today to discuss an ideal date for the parliamentary election following the constitutional court’s ruling that scrapped the National Assembly as the debate over the verdict continues among various political groups. The Cabinet may announce the election date today after approving a decree to dissolve the Assembly or postpone a final decision until the beginning of next week. Observers believe that the most likely scenario is to hold polls during the holy month of Ramadan that will start on July 9 and specifically in the last third of the month.

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GCC to continue heavy investments in infrastructure

Source: Al Arabiya (Read full story)

The Gulf Cooperation Council (GCC) countries will continue to invest heavily in infrastructure and diversify their economies, thus boosting non-oil GDP growth, Qatar National Bank (QNB) said in a report. The study also noted that the MENA region is expected to grow between 3.5 percent and 4 percent this year and 4.5 percent to 5 percent in 2014, notwithstanding significant headwinds from the global economy and domestic political uncertainty in a number of countries in the region.

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GCC says Lebanon unsafe for travel; KSA seeks end to fighting

Source: Arab News (Read full story)

Gulf Arab states have advised citizens not to travel to Lebanon, a popular summer tourist destination that is becoming increasingly engulfed in neighboring Syria’s civil war, the Saudi Press Agency reported. “Most GCC states have urged their nationals to avoid traveling to Lebanon due to the instability of the security situation there,” Gulf Cooperation Council’s chief Andullatif Al-Zayani was quoted as saying late on Wednesday. Lebanon is “unsafe” for citizens of the GCC, made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, Zayani said.

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