...Institutional and economic profile Flexibility and performance profile Higher oil prices than in 2020, an easing of OPEC production quotas, and the widespread rollout of COVID-19 vaccines will drive a rebound in economic growth in 2021-2024. + In 2021, higher oil prices are being partially counterbalanced by constrained annual Saudi oil production volumes, which continue to be limited by an OPEC deal. However, a monthly easing of quotas through 2021 and 2022 will support the Saudi oil sector and economy. + The pandemic weighed on both the Saudi oil and non-oil sectors in 2020, and delayed investment projects. However, in 2021 the Kingdom has reverted to its ambitious investment and economic diversification strategy, with significant investments being undertaken by the Public Investment Fund (PIF) and other entities across both hydrocarbon and nonhydrocarbon sectors. + Geopolitical risks persist, especially vis-a-vis Iran and Yemen, but recent overtures at improving relations with Iran could...
