Breakeven oil price to remain high Oil prices decoupling from geopolitics Saudi attacks will not impact growth Dubai — The OPEC/non-OPEC agreement to cut 1.2 million b/d from the global oil market and prevailing crude price volatility are taking a toll on the economies of the Gulf region, whose growth will more than halve this year from 2018, the International Monetary Fund said Monday. The gross domestic product of six Gulf countries — Saudi Arabia, Kuwait, the UAE, Qatar, Oman and Bahrain — will grow 0.7% in 2019, down from 2% growth recorded in 2018, the fund said in a report published on Monday. This was further lower from a previous 2019 growth forecast of 2.1%, which IMF projected in April. However, the region’s GDP growth is expected to rebound to 2.5% in 2020 as the OPEC/non-OPEC agreement is set to end in the first quarter of next […]