Saudi Arabia Is Cooking Up A Surprise For The Oil Markets

Recent production cuts by Saudi Arabia are beginning to take a toll on the nation's economy, according to the IMF's latest World Economic Outlook. The Kingdom's 2023 GDP growth projections have been significantly reduced, now expected to reach only 1.9%, down from the previously projected 3.1% in May. The IMF attributed this downgrade to the production cuts announced in April and June as part of the OPEC+ agreement. Despite efforts to diversify the economy with Vision 2030, Saudi Arabia remains heavily reliant on hydrocarbon revenues, with the…