US President Biden’s visit to Saudi Arabia tomorrow will focus on Iran, the normalisation of ties with Israel and raising oil output more quickly to push global prices down and ease inflation pressures. While we doubt that Saudi will agree to this immediately, we do think that officials will, ultimately, raise oil output more quickly than is envisaged in the OPEC+ agreement in order to capture market share. Elsewhere, Dubai’s PMI for June rose to a three-year high, with possible signs that the World Expo may have boosted the economy’s longer-term prospects.
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