The MENA region’s oil exporters start feeling the weight of darkening global outlook. Amid demand distraction new production cuts were announced by OPEC+ to keep oil prices from falling. Still, windfall of oil revenues may continue till mid next year as decline of Russian oil supplies following implementation of import ban by European Union and only gradual increase of non-OPEC+ supply will keep the oil markets tight. In an opposite symmetry, the oil importers, which were suffering from inflation particularly of food products, will feel the effect of elevated prices for the first half of next year. At the same time, uncertainties about grain supplies from Russia and Ukraine will remain a threat for food security.
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