The appointment of Saudi Arabia’s Crown Prince Mohammed bin Salman (MbS) as prime minister yesterday evening cements his role as the head of the government. The crown prince already held significant sway over economic policy so, in the near term, that probably means a continuation of the shift towards looser fiscal policy and OPEC+ will proceed with its cautious approach to oil production. MbS will probably have more scope to press ahead with Vision 2030 but, worryingly, it seems like attention is shifting to megaprojects and away from structural reforms.
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