Iran nuclear deal, wiring shortage a fillip to North Africa

The Iran nuclear deal appears to be on the brink of being revived and, were that to happen, the lifting of sanctions would provide a major direct boost to Iran’s economy. Increased oil output could add a little more downwards pressure on global oil prices. Elsewhere, the war in Ukraine has hit Europe’s auto sector as shortages of vehicle wiring harnesses are now harder to source. Morocco and Tunisia are both major producers (and key exporters to the EU) of these harnesses and could stand to benefit over a longer horizon if supply chains move away from Ukraine.