The blow to growth from a trade war is likely to hurt the price of oil – the mainstay of the region’s economy.

The global trade war triggered by U.S. President Donald Trump shows no sign of abating, with tit-for-tat tariffs hammering major economies, tanking stock markets and dimming growth prospects.

At least six leading international contractors or consortia this week are poised to sign deals with Saudi Aramco for the renewal of coveted long term agreement (LTA) framework with offshore players.