Despite the extension of the oil production cuts, Saudi Arabia is set to keep the growth momentum in its non-oil sector, which accounts for around 60% of GDP, a senior economist at the International Monetary Fund (IMF) told Bloomberg in an interview. On Tuesday, Saudi Arabia said it would extend its 1 million barrels per day (bpd) cut through December.
The move reinforces “the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets,” the Kingdom says. The cuts, which…IMF Expects Saudi Arabia's Non-Oil Growth To Maintain Momentum
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