.png)
Two of the richest oil economies are wading back into the world’s most important bond market for the first time in months.
Boasting a windfall oil revenue estimated at $818 billion this year alone, the oil-exporting nations of the Middle East like Saudi Arabia and the United Arab Emirates largely held out from buying US Treasuries through much of the global rally in crude prices.
The long period of restraint ended in June, the latest month for which figures are available. Saudi Arabia increased its stockpile by $4.5 billion -- the most since August 2020 -- to just over $119 billion, according to Treasury Department data. It’s still near the lowest level since 2017.
The neighboring UAE, whose holdings have dropped by more than a third since June 2021, added $1.6 billion. For the January-June period, foreign investors bought the most on data going back to 1977.
No comments:
Post a Comment