Gulf states should make the most of oil boom

It is telling that Saudi Arabia is betting competition from US shale will not reignite. This means they can focus on market share and relationship-building with key Asian customers without fear of resurgent merican production. An eco-friendly Biden administration also fits into that calculation.

Oil prices are rebounding thanks to an extended Opec+ production cut, a surge in demand as economies recover from the coronavirus pandemic, and the beginning of a supply reaction from a year of both diminished production and inventory draw-downs.

This is good news for the oil producers of the Gulf Cooperation Council (GCC).