Kuwait’s FY2021/22 budget approved this week in parliament adds to signs that high oil prices are prompting a shift to looser fiscal policy in the Gulf. Elsewhere, the landslide victory for Ebrahim Raisi in Iran's presidential election will further complicate efforts to revive the nuclear deal. And finally, next week’s OPEC+ meeting could see the group raise oil production quotas in August, which would support a pick-up in GDP growth in the Gulf.
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