While COP28 is getting underway in Dubai, attention may be drawn instead to events in Vienna today, where OPEC+ has reportedly agreed to reduce its oil production by a further 1mn bpd. This would weigh further on our already below-consensus GDP growth forecasts in the Gulf next year. Meanwhile, it was announced this week that Saudi Arabia will host the 2030 World Expo, but the event is unlikely to provide the same economic boost as it did to Dubai.
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