Dubai — Saudi Arabia’s real oil GDP is projected to contract by 0.5% in 2021, compared with a contraction of 6.7% in 2020, given production levels agreed by the OPEC+ group, the International Monetary Fund said May 3. Moreover, the country’s oil GDP is expected to grow by 6.8% in 2022 as the current OPEC+ agreement is assumed to end as announced, the IMF said in its annual Article IV mission statement. OPEC and its allies have agreed to ease production cuts, after ministers April 27 endorsed previously agreed plans to boost crude oil output from May. The alliance intends to pump some 2 million b/d more crude oil by July. Saudi Arabia’s breakeven price for 2021 is expected to be $76.20/b, down from $77.90/b in 2020. It is expected to fall further to $65.70/b […]