Oil to fuel growth in Gulf economies this year, but will not sustain pace in 2023 ✔️ Stratford Management Tokyo Japan

July 21, 2022
Posted by: Stratford Team
Category: Economy

A facility operated by oil and gas services company Lamprell in Dubai, United Arab Emirates is pictured in this handout image provided to Reuters on June 24, 2022. Lamprell/Handout via REUTERS

BENGALURU, July 21 (Reuters) – Economies in the six-member Gulf Cooperation Council will grow faster this year than previously thought, thanks to higher oil production, according to a Reuters poll of economists who forecast growth to slow next year along with global demand.

Crude oil prices, a key catalyst for Gulf economies, have gained over 35% this year and while expected to remain elevated they are likely to average below $100 a barrel next year. OILPOLL

The six Gulf Arab states – Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman – are on track for budget surpluses, some for the first time in a decade.

A July 6-20…