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Tuesday, 1 May 2018

POLL-Oil to boost Gulf trade surpluses but growth will stay modest | ZAWYA MENA Edition

POLL-Oil to boost Gulf trade surpluses but growth will stay modest | ZAWYA MENA Edition:

"Higher oil prices are set to boost trade surpluses in the Gulf over the next 18 months but economies will grow only moderately because of government austerity policies, a quarterly Reuters poll of private economists shows.

The Brent oil price, now nearly $75 a barrel, has averaged over $68 so far this year -- a leap from last year's average of just below $55. That is good news for the six wealthy oil-exporting countries of the region.

"If prices stay at their current level that would translate into a $100 billion -- 7 percent of gross domestic product -- boost to the Gulf’s oil export revenues compared with last year," London-based Capital Economics wrote in a client note."



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