MENA | OPEC+ meeting; regional PMIs and travel rules

Oil producers in the OPEC+ alliance agreed on Tuesday to stick to the gradual easing of supply curbs through July, as they looked to balance an expected recovery in demand and a potential increase in supply from Iran?

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• The non-oil private sectors in the MENA region’s biggest economies continued to see signs of recovery in May. PMIs for Saudi Arabia and the UAE both remained firmly in expansionary territory, at 56.4 and 52.3 respectively.
• The recovery is not as strong elsewhere in the region. In Qatar, business conditions improved, but at a weaker rate as the PMI eased to 51.5, while in Egypt conditions deteriorated further with a PMI reading of 48.6.
• The recovery from the pandemic indicated by the PMIs was also reflected in a relaxation of restrictions across the GCC, including Saudi Arabia’s lifting of a travel ban on 11 countries.