Oil prices have risen even further since yesterday's OPEC+ meeting as investors’ concerns about disruptions to oil supplies from Russia mount. If sanctions are imposed on Russia's energy exports, there is clearly a risk that the current OPEC+ deal will be abandoned and that the Gulf countries will ramp up oil output. Elsewhere, Egypt announced it would hike Suez Canal tolls which will help to raise key FX revenues which may help to ease concerns over the current account deficit. And finally, Morocco is facing its worst drought in 30 years which will not only weigh on the economic recovery, but will also hit the country’s twin budget and current account deficits.
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