DUBAI, April 6 (Reuters) – Saudi Arabia’s economic recovery is expected to be “positive“ this year, the governor of the kingdom’s central bank said on Tuesday, partly thanks to rebounding oil prices.
Fahad al-Mubarak, speaking at a virtual event organised by the International Monetary Fund, did not provide a forecast for economic growth but said initial economic indicators during the first quarter, as well as improved oil prices, were supportive.
“Even though we’re sacrificing a little bit in the production, however achieving stable oil prices is good for Saudi Arabia, for producers, consumers and for the region,“ he said.
The Organization of the Petroleum Exporting Countries, Russia and their allies, a group known as OPEC+, last week agreed to gradually ease its oil output cuts from May.
In March, OPEC+ had decided to extend most oil output cuts, triggering a price rise.