Saudi oil output cuts and expat fees, Egypt inflation

Comments from Saudi Arabia’s Oil Minister that oil production will be reduced to well below its OPEC quota suggests that the authorities are focused on driving oil prices higher in order to prevent a return to growth-sapping austerity. Meanwhile, January’s rise in Egyptian inflation has reduced the chances that the central bank will resume its easing cycle today. But there are good reasons to think that a rate cut is still more likely than not.