Drilling activity and oil production in the Eagle Ford have increased as commodity prices have risen in recent months.

Overall risks to Saudi Arabia’s operating environment are improving. Windfall oil revenues are providing a boon to the Saudi economy, and it continues to implement sweeping economic and social reforms, with the Vision 2030 initiative remaining at the center of its diversification plans. Geopolitical risks are declining as diplomatic efforts bear fruit and some of Riyadh’s cooler relationships improve, and a ceasefire with the Houthis in Yemen holds. Riyadh’s transition efforts are also taking greater shape, with significant additions to renewable capacity coming online between 2022-2024 and economic diversification efforts gathering steam.