Oil prices have surged amid hopes that Saudi Arabia and Russia will thrash out a deal to cut oil output, but recent developments suggest that the Kingdom will dig in and demand that the rest of OPEC+ share the burden before signing on the dotted line. Meanwhile, the possible delay to Dubai’s World Expo adds to mounting fears about the Emirate’s large corporate debts. The government is stepping in with financial support, but there is a growing chance that firms are forced to seek another debt restructuring or that Dubai’s government turns to Abu Dhabi for help.
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