MUST-READS

• Shale
  Reuters Analysis: The Ups and Downs of U.S. Oil Production

  There has always been a close link between US oil production, international prices and OPEC, so it should come as no surprise that North America’s shale drillers find themselves locked in a battle with Saudi Arabia over prices and market share.

• Barclays
  Barclays sued by Saudi developer for $10 billion

  A Saudi real estate company has sued Barclays for $10 billion, claiming the bank ceased pursuing lease payments due from the Saudi government on military complexes in the kingdom in order to obtain a lucrative banking license there.

• GCC Diversification
  How jobs and skills will solve the GCC oil dependency issue

  The analysis points to the main obstacle to diversification lying elsewhere: Education, skills, and jobs. The perception about the quality of education is much poorer than that of infrastructure: the GCC average ranking is 53 for education versus 29 for infrastructure. "In our view, the poorer quality of education leads to underutilized skills potential and a lack of innovation in the economy, which is reflected in the relatively low number of patents registered that originate in the GCC," said Standard & Poor's in the report.

• Iraq and IS
  Iraq forces and militants battle for control of Baiji

  The state news network showed images Tuesday of jubilant soldiers and allied masked militiamen atop columns of Humvees and tanks reported to be going through central Baiji, about 125 miles north of Baghdad, the capital. Islamic State, however, insisted in a statement on a number of militant and Islamic forums that Baiji remained in militants' hands and that the "battle is ongoing."

  • AP - Qatar emir: Airstrikes against IS group not enough
  • Al-Bawaba - Peshmerga have made significant impact in Kobani battle
• Minimum Wage
  Saudi Arabia sets minimum wage for expats at SR2,500

  The Labor Ministry is considering to fix the minimum wage for Saudis in the private sector at SR5,300 ($1412) and for expatriates at SR2,500 ($666).

• Saudi Shi'a
  Saudi calms sectarian tensions after deadly attack

  The kingdom's Grand Mufti, Sheikh Abdul Aziz al-Sheikh, has declared the attack to be "against the teachings of Islam". A Western diplomat said the Sunni authorities had sent an important message that Shiites "are a part of the nation and we are with you against terrorism." He described it as "a turning point," noting that Interior Minister Prince Mohammed bin Nayef had visited families of the victims, the wounded, and a Shia religious centre.

• Turkey
  Turkish Navy Enters Mediterranean, Armed With New Rules of Engagement

  In what looks like a provocative move that increases tensions in the eastern Mediterranean, the Turkish government authorized the country’s Navy for full implementation of recently amended rules of engagement off the shores of littoral countries Cyprus, Egypt and Israel.

• Hospitality Sector Employment
  Saudi rises from cleaner to top young hotelier

  A young Saudi citizen has shown it is no shame to take on an unskilled job and then work hard to achieve one's dreams. Mohammad Sharaf started out as a cleaner and dishwasher at a restaurant in 2004 and now 10 years later has been crowned the Young Hotelier of the Year at the Middle East Hotelier Awards for 2014. He is the first Arab in a decade to win the award.

• Oil
  Iraq Tracks Saudi Arabia With Discounts for Its Crude Oil Sales

  Iraq priced its crude more competitively in the U.S. while raising costs for customers in Asia and Europe, mirroring moves a week ago by Saudi Arabia, the world’s largest oil exporter.

• Aramco and Asia
  Aramco Said to Name New Asia Head Amid OPEC’s Share Fight

  Aramco plans $100 billion of investments to become the world’s largest refiner with capacity to process 8 million to 10 million barrels a day of crude at home and abroad. The company has refineries in South Korea and China and it’s in talks to add other plants in China, Indonesia, and Vietnam. Aramco is targeting Asia for expansion as it starts to sell chemicals from its Saudi Sadara plant, a joint venture with The Dow Chemical Co., Aramco Chief Executive Officer Khalid al-Falih said said in May in Bahrain.

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