Rising Oil Price Has Gulf Arab Borrowing at Lowest Since 2014 - Bloomberg

Rising Oil Price Has Gulf Arab Borrowing at Lowest Since 2014 - Bloomberg:

Gulf Arab energy companies retreated from debt markets in the first half of 2018 after a banner year for borrowing as higher oil prices curbed financing needs for existing operations and new projects. Oil and gas producers, pipeline operators and refiners in Kuwait, the United Arab Emirates, Saudi Arabia, Oman, Bahrain and Qatar borrowed $6 billion through loans and bonds in the first half of 2018, the slowest start in four years, according to data compiled by Bloomberg. By comparison, U.S. energy companies, driven by resurgent shale production, issued a record $74.3 billion in debt so far in 2018. The diverging debt appetites between the six Arab exporters and U.S. suppliers shows that Gulf Cooperation Council, or GCC, producers are bringing in more cash to finance operations and expansion after crude prices rose 18 percent this year.