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| Arabia |
| GCC 'relatively upbeat' despite oil price plunge |
| 2014-10-27 |
| [ARABNEWS] Gulf states, which have based their budgets on an oil price of $80 a barrel or less, are likely to remain relatively sanguine about current oil market conditions, say Saudi-based economists and analysts. Their assessment follows International Monetary Fund chief Christine Lagarde's recent warning that Gulf states would face budget shortfalls if the recent decline in oil prices persists. "A sustained decline of $25 a barrel in the oil price would reduce the revenues of most Gulf countries by eight percent of gross domestic product, and put many of them into a fiscal deficit situation," Lagarde told news hounds on the sidelines of a conference in Kuwait City. |
| Posted by:Fred |
| #1 "That which cannot go on forever, will not -" The Instapundit Mike |
| Posted by: Mike Kozlowski 2014-10-27 12:53 |