Saudi Arabia's economy will grow more quickly next year due to increased oil production

After two years of mediocre performance, a Reuters poll of economists predicts that Saudi Arabia's economy would develop faster next year due to increased oil production. The economists also predict strong growth for other Gulf Cooperation Council (GCC) nations. 

Although OPEC+, the Organization of the Petroleum Exporting Countries and its allies lead by Russia, has been reducing oil production since late 2022, it is anticipated to resume production in December, which will probably improve the six GCC countries' earnings. 

According to a separate Reuters survey, crude oil prices are predicted to stay generally weak and average $76.75 a barrel next year, up from about $74.8 at the moment.

The biggest crude oil exporter in the world, Saudi Arabia, is apparently getting ready to give up on its unofficial goal of hitting $100 per barrel. In addition to increasing non-oil revenue, this will enable the monarchy to regain market share and reverse previous production cuts, which will accelerate economic growth.

According to a Reuters poll of 21 experts conducted from October 9–22, the Saudi economy is likely to grow by 4.4% in 2025—the fastest in three years—up from an anticipated 1.3% this year.