GCC Economies Expected to Slow Growth Due to Oil Losses

  • GCC Countries
  • 20 July 2023
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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)

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