We think OPEC+ will stick to its guns next week and raise output quotas by 400,000bpd, but if it bows to pressure to move more quickly the Gulf economies would stand to benefit most. Elsewhere, vulnerabilities in Qatar’s banking sector have come back under the spotlight – these could result in tighter credit conditions. Finally, the Saudi government’s new National Infrastructure Fund (NIF) is aimed at ramping up investment in the Kingdom, allowing the central government to keep fiscal policy tight.
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