Middle East Producers Cash In On Oil Price Rally

The world’s top oil exporter, Saudi Arabia, wasn’t just thinking about the global oil market when it rolled over its extra production cut into April and had the members of the OPEC+ alliance keep their total output basically flat next month, with small increases for Russia and Kazakhstan.   The Saudis, as well as other crude oil producers in the Middle East, were probably thinking of their budgets and current accounts as well, which need high oil prices to recover from the massive deficits and low oil revenues from last…