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Oil: Piling On The Uncertainties

• ‘Events’ last week added to already significant uncertainties around the oil supply/demand equation. In particular, producers and investors alike would do well to recall James Carville’s quip to the effect that he wanted to be reincarnated as the bond market.

By Alastair Newton

Saudi Arabia PMI Non-Oil Private Sector 57.2 in Sep-23

- Saudi Arabia's non-oil private sector experienced noteworthy expansion in September 2023, with a PMI reading of 57.2, indicating positive growth.
- This reading represents the highest level since July 2023, suggesting a robust economic recovery. Nonetheless, it is still 1.01 points below the one-year average, indicating room for further improvement.

Saudi Arabia M3 money supply 9.59% y-o-y in Aug-23

- The M3 money supply in Saudi Arabia recorded its highest year-on-year growth since March 2023, reaching 9.59% in August 2023.
- This growth is 0.68 percentage points higher than the one-year average and 1.05 percentage points above the long-run average, suggesting potential policy changes or economic shifts in Saudi Arabia.

Saudi CPI Inflation 2.0% y-o-y in Aug-23

- Saudi Arabia's year-on-year CPI inflation in August 2023 recorded a growth rate of 2.0%, the lowest since February 2022 and below both the one-year and long-run averages.
- On a monthly basis, CPI inflation remained stagnant at 0.0% in August 2023, indicating price stability during the period.