How did non-oil business in Qatar perform in September?
Dubai: Non-oil business activities in Qatar remained stable in September, despite a decline in the Purchasing Managers¡¯ Index (PMI) from 53.1 in August to 51.7 as reported by Qatar Financial Centre. The PMI is an indicator of economic health for manufacturing and service sectors.
Why should Qatar strengthen the non-hydrocarbon sector?
Strengthening the non-hydrocarbon sector is essential for Qatar as it seeks to diversify its economy and reduce its dependence on oil. As part of the National Vision 2030, Qatar aims to gradually decrease its reliance on hydrocarbon industries and empower the private sector to further drive economic growth.
Did Saudi Arabia release oil from its reserves?
Oil prices surged by a fifth, but then quickly dropped as Saudi Arabia released stocks from its reserves. ¡°We have precedent for that kind of supply shock,¡± said Eli Berman, an economist at the University of California, San Diego, and a research director at the University of California Institute on Conflict and Cooperation.