Gulf Economies Poised for Steady Growth Amid Rising Oil Production

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SAUDIA ARABIA: Most Gulf Cooperation Council (GCC) economies are expected to post steady growth in 2025 and 2026, supported by rising oil production, according to a Reuters poll of economists who have upgraded their outlook for Saudi Arabia, the region’s largest economy.

Following a series of production cuts since early 2023, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are now reversing course, raising their collective output target by 2.7 million barrels per day this year in an effort to reclaim market share from the U.S. and other competitors. Although concerns over a potential supply glut have pushed oil prices to their lowest level in over five months, economists believe revenues will remain resilient due to higher export volumes.

Saudi Arabia, the world’s leading oil exporter, is now projected to grow 4.2% in 2025 and 4.1% in 2026, according to the October 6–15 Reuters poll of 21 economists, an upward revision from July’s forecasts of 3.8% and 4.1%, respectively.

Source: GCC