The banking collapses that have sapped confidence in oil markets and brought oil prices closer to the $70 per barrel mark have been followed with great interest across the Middle East. For the first time in many months, flat prices were close to fiscal breakeven level as countries like Bahrain, Algeria or even Oman are now asking themselves if balancing the budget is a manageable task. There is no indication that OPEC+ will act, however, should prices slip even lower on the heels of another banking crisis, the likes of Saudi Arabia or even the…
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