While regional economies have been impacted by global reduction in oil prices, a recovery is expected from 2017 onwards, driven by a growth in oil prices as well as due to an increasing focus on economic diversification, a report said.
There is reason for optimism among investors in Saudi Arabia as the kingdom’s budget deficit is set to narrow in 2017, as a result of higher oil prices and diversification measures increasing non-oil revenues, a report said.
Crude prices fell on Friday amid concern about the persistent oversupply of oil and skepticism that major oil producers will be able to coordinate the production cut they agreed to last month.
U.S. crude for November delivery sett
Oil prices hit a four-month high on Tuesday as investors felt increasingly optimistic about the ability of Organisation of the Petroleum Exporting Countries (Opec) to reach a deal on its first output freeze in eight years.
Opec agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on Iran amid mounting pressure from low oil prices.
"Opec made an exceptional de
Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major Opec producers would find a compromise this week to help ease a global glut of crude.
Crude prices rebounded on Monday after Algeria's energy minister said the day before that all options were possible for an oil output cut or freeze at this week's informal meeting of Opec producers.
That came after prices
Oil prices fell on Friday, pulled down by a sell-off following two sessions of strong rises and on caution ahead of a gathering of Opec ministers next week in Algeria to discuss possible production cooperation to rein in global oversupply.
Opec members could decide to hold an extraordinary meeting to discuss oil prices immediately after an informal gathering in Algiers next week, Algerian Energy Minister Noureddine Bouterfa said on Tuesday.
Bouterfa told local radio
Oil prices extended gains by more than 1.5 per cent on Thursday after industry data showed what might be the largest weekly drawdown in crude stocks in over three decades.
US crude stocks surprisingly plunged by 12.1 million barre