Saudi: OPEC deal a short-term gain, but unlikely to be renewed

The sharp rise in oil prices means that, despite implementing a larger-than-pledged oil output cut, Saudi Arabia has been a big beneficiary from the recent OPEC agreement. But with compliance likely to wane in the coming months and signs that non-OPEC supply is picking up (particularly in the US), the Kingdom will probably refrain from renewing the deal as it seeks to protect its share of the oil market.