The OPEC+ agreement earlier this month to increase oil supply will mean that downturns in hydrocarbon sectors across the GCC states will start to ease. London-based economic research and consultancy firm, Capital Economics, expects that brent crude will reach $60per barrel by the end of next year and the Gulf economies will start to benefit from higher prices.
On Friday, Brent crude settled up 76 cents, or 1.5 percent, to $52.26 a barrel after touching $52.48, its highest since March. OPEC+ plans to add 500,000 barrels per day of supply in January and will meet in early January to decide on next steps.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.