The latest transfer of a 4% stake in Aramco by the Saudi government to the Public Investment Fund will help meet the Kingdom meet its Vision 2030 goals, but it will not reduce the state’s dependency on oil-related revenues. Elsewhere, reports that a deal to phase out unabated fossil fuel use at the UAE-hosted COP28 could add to the weight behind the UAE’s push to raise oil output faster. Meanwhile, the crackdown on Tunisia’s opposition party this week will further spook investors and the IMF, further increasing the likelihood of a messy sovereign default.
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