Improved oil outlook and subsidies reforms augurs well on potential expansionary budget for Saudi Arabia in 2018

Dubai: Post an eventful November, with Saudi Arabia announcing a major anti-corruption purge, and the Organisation of Petroleum Exporting Countries (Opec) and some non-Opec countries, together part of Declaration of Cooperation, agreeing to extend oil production cuts, market focus has now shifted to their implications on the regional economic environment.

The agreement reached in the November 30 Opec meeting surely aids in global oil markets balancing, however, the latest fundamental expectations laid by Opec and Energy Information Administration (EIA) suggests that the road …