US-Iran, OPEC+, Egypt tax plans, Kuwait’s Article IV

The US and Iran resumed talks in Geneva today, but the build-up of US forces in the region means that the threat of strikes remains on the table. The associated risk to oil supply may lie behind reports that OPEC+ will lift oil production from April. Elsewhere, plans by the Egyptian government to raise tax revenues would help not just to improve the budget deficit but also, over a longer horizon, by providing the resources to tackle some of the country’s pressing developmental needs. Finally, the IMF (like us) has turned more upbeat on the outlook for Kuwait’s economy.