Macroeconomic Update – August 2020: (Is the worst behind us?)

The only change to our economic forecast for Saudi Arabia relates to the oil sector. Ongoing efforts by OPEC and partners (OPEC+) to stabilize oil markets have seen monumental efforts in oil diplomacy resulting in frequent adjustments in output targets, roll-overs, voluntary reductions and ‘catch ups for members of the oil producing alliance in the last few months.