Oil production figures for July, the first that should capture the impact of revisions to the OPEC deal in June, support our view that growth in the Gulf will strengthen in the coming quarters. Oil output rose by 3-5% in most countries after the agreement was modified, and we think higher oil output could boost GDP growth by an average of about 2.0-2.5%-pts in the Gulf over the coming quarters. Accordingly, while the region’s recovery took a pause in Q2, it should gather pace in the coming months.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services