OPEC+ expected to extend oil supply cuts to avoid drop in prices

• The supply cuts are only having a muted impact on the market, with US president-elect Donald Trump expected to adopt policies to boost US oil output
• OPEC+ nations are holding back six million barrels of oil a day, including the 2.2 million barrels a day of output that they have been discussing putting back on the market

OECD warns of protectionism weeks before Trump return

• Trump has threatened blanket tariffs of at least 10% on all imports and since his election has vowed to slap 25% import tariffs against Canada and Mexico, the US trade partners.
• "Increases in trade-restrictive measures could raise costs and prices, deter investment, weaken innovation and ultimately lower growth," the OECD warned in its economic outlook.

France, Saudi Arabia to co-chair June meet on creating Palestinian state: Macron

• Macron said that France and Saudi Arabia have the "will to move forward" on a deal to sell Rafale fighter jets to the Kingdom.
• Discussions had already been underway for Riyadh to acquire the French-made jets and, though no definitive announcement was expected during Macron's visit.

Seoul stocks sink amid S. Korea drama as Asian markets struggle

• The Kospi index shed as much as 2.3 percent at the open
• The won tumbled more than three percent to a two-year low of 1,444 per dollar

Iran says ready to study any Syrian request for troops

• Iran and Syria have been close allies for decades and Iran has long provided military advisors to the Syrian armed forces
• The Iranian government has been portraying the rebel assault as a US-Israeli plot to destabilise the Middle East

Qatar to invest 1 bn pounds in climate technologies with UK

• British industrial group Rolls-Royce, which manufactures aircraft engines, will receive investments for programs dedicated to energy efficiency, the statement said
• Qatar's investments in the British economy are estimated at over 40 billion pounds and the emirate indicated in 2022 that it intends to invest another 10 billion pounds by 2027

Tech firms aiming for smaller, leaner AI models

Macron attends PIF-hosted Riyadh One Planet Sovereign Wealth Funds meet

• Discussions at the summit focused on the pivotal role of sovereign wealth funds as global investors in addressing climate challenges among others.
• Key action tracks were identified to enhance investment decision-making for climate action, boost efficiency and impact within the global financial system.

Developing countries paid $1.4 trillion to service their debts in 2024

• The World Bank report noted that high interest rates have been a key driver of the rising cost of servicing foreign debt.
• Rates charged by private creditors were even worse, rising to a 15-year high of six percent -- an increase of more than one percentage point.

Non-oil sectors drive robust growth in GCC countries, says World Bank report

• "The [GCC] region has shown remarkable resilience in the face of global disruptions, moving steadily on their diversification agenda."
• Saudi Arabia's growth is expected to accelerate to an average of 4.7 percent in 2025-2026 as oil production increases.