OPEC deal should allow Gulf to ease austerity further

OPEC’s decision to rollover its oil output cuts didn’t come as a surprise, but the fact that calls for deeper cuts never even made it on to the table suggests that the Gulf economies are resistant to bolder action. While the cuts will continue to trim headline GDP growth in the Gulf this year, the boost to oil export receipts should allow austerity to be eased further, supporting stronger growth in non-oil sectors.