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Oil: Lower For Longer?

• Although Opec+ will almost certainly extend existing cuts at its 26 November meeting and might agree to modest additional trimming, growth in non-Opec+ production is currently on track to see global output outpacing demand through 2024.

By Alastair Newton

UAE PMI Non-Oil Private Sector 57.7 in Oct-23

- The UAE PMI Non-Oil Private Sector experienced solid growth in October 2023, with a value of 57.7 surpassing the previous month's reading of 56.7, indicating a positive trend in the sector.
- The October 2023 PMI result was 2.09 points above the one-year average, showcasing sustained and robust growth in the non-oil private sector, reflecting its competitiveness and potential for accelerated economic development.

UAE M3 Money Supply 13.8% y-o-y in Aug-23

- UAE M3 Money Supply grew by 13.8% year-on-year in August 2023, marking the lowest growth rate since December 2022.
- The current growth rate is 2.07 percentage points below the one-year average but 5.18 percentage points above the long-run average.

UAE PMI Dubai Economy Tracker 56.1 in Sep-23

- UAE PMI Dubai Economy Tracker recorded a reading of 56.1 in Sep-23, the highest level since Jun-23.
- The PMI reading for Dubai Economy Tracker is 0.63 above the 1-year average, indicating an optimistic trajectory for the region's economy.