Well, probably not, but with the OPEC production cuts extended for another 12 months, this is hopefully good news to shore up the recent oil price rally. The inclusion of Russia, Libya and Nigeria in the deal is possibly indicative of a more joined up approach. Of course, volatility will remain with a number of external factors, from Venezuela to Nigeria as well as regional issues, adding to uncertainty.
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However, even just a few months with oil at over $60 per barrel will have a positive impact on the Saudi exchequer.
Saudi oil is among the cheapest in the world to extract at a cost of less than $10 per barrel; this coupled with conservative spending in 2017 means that we are expecting a return to higher levels of Government spending in 2018. Not quite back to the ‘good old days’ but still considerable opportunity for exporters to prosper in Saudi Arabia.
So, put Saudi at the top of your export strategy for 2018 and get in touch for free of charge advice and guidance on how to succeed in the Kingdom.