Middle East & North Africa Economics

Middle East Chart Book

20 March, 2019

Oil price boost for the Gulf to prove fleeting

The recovery in oil prices since the start of this year is only likely to provide brief respite for the Gulf economies. Brent crude briefly touched $68pb this month, marking a 30% rise from the trough reached at the end of last year. This will provide a $120bn (6% of GDP) boost to the Gulf’s hydrocarbon exports on an annualised basis. However, we think the rebound in oil prices will soon go into reverse. If we’re right, budget and current account positions across the Gulf will deteriorate agai

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