Oil production cuts weigh on Saudi growth in first quarter

Indonesia Berita Berita

Oil production cuts weigh on Saudi growth in first quarter
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Saudi Arabia's economic growth more than halved on a quarterly basis to 1.6...

DUBAI - Saudi Arabia’s economic growth more than halved on a quarterly basis to 1.66% in the first quarter of this year, in line with expectations of only a modest pick up as oil production cuts weigh on the world’s top crude exporter.

The Organization of the Petroleum Exporting Countries and its Russia-led allies agreed in December to slash oil production by more than the market had expected. “We estimate that the oil sector will contract on an annual basis in 2Q and for the subsequent quarters in 2019,” Monica Malik, chief economist at Abu Dhabi Commercial Bank, said in a research note.

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