The recent surge in COVID-19 cases in Bahrain – which comes despite a rapid vaccine rollout – will delay its economic recovery and serves as a warning that other countries’ vaccination campaigns have much further to run. Elsewhere, protests in Oman over the past week prompted the government to row back on some of its austerity measures, which is likely to raise concerns about rising public debt and the dollar peg. Finally, next week’s OPEC+ meeting is likely to be a straightforward affair, but we will be keeping a close eye on any comments regarding how the cartel will potentially accommodate higher Iranian oil output.
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