Saudi Arabia has so far resisted pressure from the US to raise oil production in order to dampen prices but, with Russian oil production and exports set to be disrupted, we think that a move in this direction is now more likely than not. While the Kingdom will not want to be seen pandering to the US, raising oil output more quickly would align with its long-term strategy in the oil market of increasing market share.
In view of the wider interest, we are also sending this Middle East & North Africa Economics Update to clients of our Energy Service.
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