MENA | Regional PMIs, Saudi revenues rise, OPEC+ talks
The non-oil PMIs for the UAE, Saudi Arabia and Qatar remained in expansionary territory in October, a run that has continued for 11, 14 and 16 months respectively. Output and new orders continue to accelerate as restrictions in the region ease. The UAE is set to see a boost to demand from the start of the World Expo 2020, which started in October and lasts until March 2022.
What you will learn:
- In Q3 2021, Saudi Arabia recorded its first budget surplus since Q1 2019 as high global oil prices helped oil revenues grow 60% y/y.
- This has also been reflected in Saudi Aramco posting its highest quarterly earnings since going public in
2019. - We expect oil revenues to remain high as Brent is forecast to stay above $60pb throughout 2022 after averaging just $42pb in 2020 OPEC+ is under pressure to increase production but is unlikely to move until there is more evidence to suggest that high Brent oil prices are here to stay and are not transitory.
Tags:
Related Services
Post
Biden’s new China tariffs are more symbolic bark than bite
The Biden administration's additional tariffs on China are essentially a rounding error for inflation and GDP, carrying no implications for monetary policy. However, Biden’s decision to implement additional tariffs on China is another indication that US industry policy is shifting toward the stick approach, such as more use of tariffs.
Find Out More
Post
South Africa: Elections2024 | ‘ANC & DA’ election scenario
This Research Briefing details the third of our four scenarios for South Africa's general election on May 29. In this scenario, the African National Congress (ANC), having won only 40% of the vote, decides to make a deal with the party that has been the official opposition for 25 years: the liberal Democratic Alliance (DA).
Find Out More