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Aramco issuance, OPEC-JMMC, Lebanon politics

Saudi Aramco’s dollar bond sale this week has added to the signs that the government is squeezing every last drop out of the company in order to contain this year’s budget deficit, but it does add to the concerns over the state's rising contingent liabilities. Elsewhere, the OPEC+ Joint Ministerial Monitoring Committee meeting this week was uneventful, but it does look increasingly likely that the current quotas will be extended beyond the end of this year. Elsewhere, the latest stalling in French-led talks with Lebanon to form a government have led to renewed pressure on the pound in the black market.
Jason Tuvey Senior Emerging Markets Economist
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