There is a sudden smell of 2021/2022 in the air again as Muftis and Zars suddenly have the upper hand in energy markets again. Can Bin Salman make life difficult for the West in Q4?
The irony is here is that the high oil/energy price could end-up (esp. germany) hurting the economies so bad that the contraction in the real economy could deflate massively. Problem is that the rate next hiking decision is made with too much rear view mirror data bias.