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With oil prices firmly above $80 a barrel and the third quarter of 2021 proving to be Saudi Arabia’s strongest GDP growth quarter since 2012, the Gulf’s hydrocarbon powers confront a transformed economic picture heading into 2022.

The situation presents a sharp contrast to the sour mood of early 2020, when collapsing prices upended fiscal planning.

Now, analyst consensus is that the higher oil prices will hold firm, reflecting resurgent demand against a backdrop of continued production discipline within the Opec+ group and shortfalls in the US market. Read more