GCC economies recovering due to oil revenues: IIF
The Gulf Cooperation countries' economies are expected to recover due to a recovery in the oil industry, said the Institute of International Finance.
The institute said in the report that they expect an increase in regional hydrocarbon revenue from $221 billion in 2020 to $326 billion in 2021.
"Hydrocarbon real GDP growth is projected at 5 percent in 2022 on the assumption that the OPEC+ production cuts end by mid-2022. Risks are broadly balanced. On the upside, faster vaccination rates and further progress in reforms could boost non-hydrocarbon growth in 2022," Garbis Iradian, IIF Chief Economist, MENA, and Samuel LaRussa, a senior research analyst, said in a report.
GCC economies are expected to continue with a forecast of 1.7 percent this year and 4.2 percent in 2022.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news

Asian Stock Rally Pauses, China Tech Shares Gain: Markets Wrap

Oil Climbs With Focus on OPEC+ Output Plans and Ukraine Talks

Diamondback Energy announces $4.08 billion acquisition to expand Permian presence

Oil Holds Declines on Prospect of Higher Russia, Iraq Supplies

Canada’s Conservative Leader Pitches Major Natural-Resource Revamp to Counter Trump

EPA Terminates Nearly 400 Workers Amid US Government Purge

Trump to Create White House Council to Drive Energy Dominance

Oil Steadies as Trump’s Reciprocal Tariffs Add to Trade Tensions

Isuzu to Build Car Plant in South Carolina as Trump Tariffs Loom
