The Effect of Rising Oil Prices, COVID Vaccine Positive News On MENA Economies Published December 13th, 2020 - 07:00 GMT
Crude prices expected to hit $60 by the end of December. (Shutterstock)
The positive news on Covid-19 vaccines in recent days has helped to lift the near-term outlook for the Mena region, including oil-exporting GCC countries, as oil prices continue to move upward, economists and energy analysts say.
“For Gulf countries, oil prices have picked up with Brent reaching its highest level since March and we think the rebound has further to run. This will boost oil exports, narrow current account deficits and should alleviate any lingering concerns that dollar pegs will be abandoned,” said William Jackson, chief emerging markets economist at Capital Economics.
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