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Good Arab Projections in Economic Prospects Report

An atrium is seen at the World Bank headquarters building during the IMF/World Bank annual meetings in Washington, US, October 14, 2017. Reuters file photo
An atrium is seen at the World Bank headquarters building during the IMF/World Bank annual meetings in Washington, US, October 14, 2017. Reuters file photo
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Good Arab Projections in Economic Prospects Report

An atrium is seen at the World Bank headquarters building during the IMF/World Bank annual meetings in Washington, US, October 14, 2017. Reuters file photo
An atrium is seen at the World Bank headquarters building during the IMF/World Bank annual meetings in Washington, US, October 14, 2017. Reuters file photo

The growth rate in the Middle East and North Africa (MENA) region is expected to rise to 1.9 percent in 2019, the World Bank announced this week.

“Despite slower global trade growth and tighter external financing conditions, domestic factors, particularly policy reforms, are anticipated to bolster growth in the region,” it said.

Furthermore, growth among oil exporters is expected to "pick up slightly" this year as the Gulf Cooperation Council (GCC) accelerates to a 2.6 percent rate from 2 percent in 2018, according to the World Bank’s January 2019 Global Economic Prospects report.

"Robust agricultural production and tourism have helped support growth of the oil importers in the region, especially Morocco and Tunisia," it said.

According to the report, Morocco and Tunisia are expected to witness growth of consecutively 3.2 and 2.6 percent.

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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.
Brent crude futures fell 55 cents, or 0.8%, to $72.73 a barrel by 0758 GMT. US West Texas Intermediate crude futures were at $69.52, down 20 cents, or 0.3%, compared with Wednesday's closing price.
On a weekly basis, Brent futures were down 3.3% and the U.S. WTI benchmark was trading 3.8% lower.
Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.
Oil supplies from the Middle East, though, have been largely unaffected during Israel's parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.
OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.
BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."
"Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year," BMI analysts said in a note.
Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.
Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.
Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output.