Growth in most Gulf economies to hold steady this year and next on rising oil output: Reuters poll

By Anant Chandak

BENGALURU (Reuters) -Most Gulf Cooperation Council economies will expand steadily this year and next on rising oil production, according to economists in a Reuters poll who upgraded this year’s growth expectations for Saudi Arabia – the region’s biggest economy.

After a series of oil output cuts since early 2023, the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, is reversing course to claw back market share from the U.S. and other rivals, increasing its output target to 2.7 million barrels per day this year.

Fears of a supply glut have dragged oil prices to a more than five-month low, but most economists argued revenues would hold up thanks to higher sales volumes.

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Saudi Arabia, the world’