Comments from the Saudi energy minister yesterday suggested the recent price war was a blip in the Kingdom’s policy approach but, given easing oil demand over the coming decades, it might prove to be a dry run of what will be the norm in the future. Elsewhere, spending cuts announced by Oman showed that the government is addressing balance sheet weakness more quickly than it did during the 2014-16 oil price shock. But it will still need financing from its Gulf. Finally, several economies in the region have secured financing from the IMF and more will follow suit, with Lebanon most likely to be next in line.
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