Saudi oil output rebounds, expat levy, Thomas Cook

Saudi Arabia has managed to get the bulk of its oil output back online following the Abqaiq attacks but, with oil prices drifting back towards $60pb, the debate may quickly shift to the need to extend (voluntary) oil output cuts. Meanwhile, the government’s decision to assume the cost of an expat levy for the industrial sector suggests that it is prioritising short-term growth over some of the country’s deeper structural issues. Elsewhere, any impact from the collapse of Thomas Cook on tourism sectors in North Africa is unlikely to be long-lasting.