Oil price rise, Saudi law codification

The price of Brent crude has risen to its highest levels in over year this past week and, if this is sustained as we expect, the Gulf countries will benefit as OPEC+ eases its production quotas and stronger oil export revenues mean governments hold back from further harsh austerity. Meanwhile, Crown Prince Mohammed bin Salman outlined a wave of judicial reforms earlier this week that will help to address ambiguities in Saudi Arabia’s court rulings. This is a step in the right direction towards making the Kingdom more attractive to investors, but there is still a lot more work to do.