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Oil output cuts likely to drag on Saudi recovery

The OPEC+ oil quota cuts announced today are unlikely to have a significant economic impact on most Gulf economies, but they will on Saudi Arabia. The direct impact of the output cuts means GDP growth in Q1 there might be some 0.6%-pts weaker than we previously thought. And the downside risks to our 2020 GDP growth forecast, of 2.3%, are now skewed to the downside.

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