OPEC+’s decision to cut oil output quotas by 100,000bpd at Monday’s meeting and subsequent comments from the Saudi energy minister highlight the group’s wariness of a global recession and we expect this cautious approach to continue over the coming months. Elsewhere, Egypt’s FX reserves data affirm the weakness of the external position and the need for a weaker currency. There were further signals this week that the government is leaning in this direction. And finally, the batch of PMIs released earlier this week showed that the worries of rising inflation in the region could ease soon, with price components falling back across the board.
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