OPEC+ Production Cuts Set To Weigh On Biggest Gulf Economies

The surprise OPEC+ production cuts will drag down economic growth in the biggest Arab Gulf economies this year, including in the world’s top crude oil exporter Saudi Arabia, bank Emirates NBD said in a new estimate this week. The biggest OPEC producers in the Middle East and several other members of the OPEC+ pact announced on Sunday a total of 1.16 million bpd of fresh production cuts. Saudi Arabia will cut 500,000 bpd and said that the move was “a precautionary measure aimed at supporting the stability of the oil market.”…