While stimulus efforts will benefit the region’s economies, rising costs are inevitable
For a moment it felt like the end of the world when oil prices turned negative last year. Gripped by the panic of the early stages of the Covid-19 pandemic, it was hard to envisage that, just over a year later, fears of a return to inflation would prompt Saudi Energy Minister Prince Abdulaziz al-Saud to publicly warn that a super cycle of high oil prices is now a real danger.
“A super cycle in oil prices could be seen on the back of the absence of new investments in exploration,” the minister was reported as saying at the Robin Hood Investors Conference on 16 June. “I think it is my job, and others’ jobs, to make sure this super cycle does not happen.” Read more here
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