Report published September 23, 2026
MUFG Middle East Daily: Oil Market Easing, GCC Credit Trends, and Geopolitical Developments
MUFG · September 23, 2026
Crude oil retreated below USD 99/b as Saudi export alternatives and US-Iran diplomacy eased geopolitical supply premia, bolstering regional credit sentiment. Meanwhile, Morocco kept interest rates at 2.25%, and Egypt arranged a 16mb strategic oil reserve to safeguard domestic refining capacity.
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Finvaulta summarizes MUFG's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Oil prices retreated as Brent fell below USD 99/b on progress towards restoring Saudi exports via the East-West pipeline and constructive US-Iran diplomatic meetings.
- 2.Regional credit markets partially rebounded, driven by demand for long-dated UAE paper and steady receptions for new sovereign and financial issuance such as Qatar and SIB.
- 3.Bank Al-Maghrib held its policy rate unchanged at 2.25% as subdued domestic inflation was offset by rising external deficits and elevated energy import costs.
Table of Contents
- COMMODITIES / ENERGY
- MIDDLE EAST – CREDIT TRADING
- MIDDLE EAST – MACRO / MARKETS
- CALENDAR – DATA / EVENTS / MEETINGS
- MARKET INDICATORS
Report data
MOROCCO INFLATION AND POLICY RATE (%) — as of September 22, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Brent Crude Price | 98.15 USD/b | Brent dropped below USD 99/b as Saudi export bypass capacity improved and US-Iran talks progressed. |
| WTI Crude Price | 88.97 USD/b | WTI traded down near USD 89-90/b amid mixed inventory data. |
| Saudi East-West Pipeline Capacity | 7 m b/d | Saudi Arabia moved closer to restoring exports through its pipeline to bypass Hormuz. |
| Bank Al-Maghrib Benchmark Policy Rate | 2.25% | Morocco central bank kept rates unchanged as expected. |
| Morocco Energy Import Bill Growth | 28.4% | Morocco's energy import bill is projected to rise to around MAD 138bn. |
Reports in this series
Middle East Daily is shown in chronological order through this edition, published on September 23, 2026.
Part of the Middle East Daily series — view all 65 editions
Looking for the latest edition? Middle East (Oct 9, 2026)
- Sep 17Middle East
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- Sep 22Middle East
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