Saudi Arabia defies low optimism economic projections

05 Nov 2015

(MENAFN) A latest in-depth conducted survey showed lower optimism levels for the Saudi Arabia’s firms over the current quarter amidst Crude oil prices which are estimated to stay flat during the cited quarter.

A significant plummet in emerging markets is pushing the world economy into its weakest development since the financial crisis, according to the data compiled by the International Monetary Fund (IMF).

As far as oil prices are concerned, it was pressured by the huge stock market sell-off, not to mention the Iran Nuclear agreement and the new supply that will be injected into the international market as a result.

Back to the Kingdom, it has maintained crude oil production above 10 million bpd as it hopes lower oil prices will stimulate Asian demand and hit competing production in the United States that is expensive to produce.

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