The past week has highlighted the strains that the coronavirus crisis has inflicted on some of Dubai’s government-related entities and reinforced our concerns over their ability to service large debts. The fracas between Hezbollah and Israeli forces earlier this week highlighted the vulnerability of Lebanon to regional influences and the risk of a proxy war breaking out. Meanwhile, reports that OPEC fears oil demand may never recover from the current downturn chime with our view that oil demand will peak within this decade. This may cause Saudi Arabia to revert back to previous oil policy of regaining market share.
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