BMI View: Low oil prices have accelerated efforts to reform fuel subsidy programmes and economic
diversification plans, but have had little impact on production in the Middle East. Oil production and
investment into new projects, particularly in the Persian Gulf region, remain strong.
Latest Updates And Key Forecasts
- Oil production remains strong as key producers look to take advantage of falling output elsewhere. In
particular, Persian Gulf states are maximising production.
- The Middle East remains the most stable region for rig counts, with lower oil prices having minimal
impact on investments.
- Investments are increasingly targeting gas projects, as producers look to release higher-value crude for
export and meet growing domestic energy demand.