Research Briefing | Nov 4, 2021

MENA | Regional PMIs, Saudi revenues rise, OPEC+ talks

MENA | Regional PMIs, Saudi revenues rise, OPEC+ talks

The non-oil PMIs for the UAE, Saudi Arabia and Qatar remained in expansionary territory in October, a run that has continued for 11, 14 and 16 months respectively. Output and new orders continue to accelerate as restrictions in the region ease. The UAE is set to see a boost to demand from the start of the World Expo 2020, which started in October and lasts until March 2022.

What you will learn:

  • In Q3 2021, Saudi Arabia recorded its first budget surplus since Q1 2019 as high global oil prices helped oil revenues grow 60% y/y.
  • This has also been reflected in Saudi Aramco posting its highest quarterly earnings since going public in
  • We expect oil revenues to remain high as Brent is forecast to stay above $60pb throughout 2022 after averaging just $42pb in 2020 OPEC+ is under pressure to increase production but is unlikely to move until there is more evidence to suggest that high Brent oil prices are here to stay and are not transitory.

Back to Resource Hub

Related Services


Why the consumer recovery is delayed, not derailed

Latest data point to a delayed start to a consumer revival in the eurozone, but we see relatively low risk of it being derailed. Even with a slow start, it's unlikely to throw the rebound off course – plus there's a chance of make-up growth in H2. We expect private consumption to grow 1.2% in 2024 overall.

Find Out More


Industrial production bottomed out in major developed economies

Our new proprietary cycle phase analysis suggests that industrial production in many developed economies has bottomed out and is now poised to enter a period of growth.

Find Out More