The OPEC meeting concluded last Friday with a deal to cut oil output but we don’t think that this will provide a lasting boost to oil prices and, overall, the deal is set to result in slower GDP growth in the Gulf. Meanwhile, the fall in oil prices since early October has caused Oman’s dollar bond spreads to widen sharply but, if the other Gulf countries come forward with financial support, we think that spreads could narrow by around 100bp.
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