The results of Reuter’s poll showed that the economies of 5 of the six countries in the Gulf Cooperation Council are expected to grow less than expected 3 months ago due to the decline in the prices of oil, which is the main export commodity from the region.
The price of a barrel of Brent crude fell from a record high of $139 in March to around $79 now. The drop came despite the Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led OPEC+ allies cutting oil production in November by 3.66 million barrels per day (bpd) due to weak demand.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
