Seventy-six million metric tons of oil reserves are located in the Arab Gulf, constituting around 66% of the global reserves. Oil represents a prominent source of income in the Middle East, proven by the increased production during the last decades. From 1980, oil production passed from 11 million barrels per day to 18 million. The[…]
30
Jun
Jun
In a 27 June 2017 article, Bloomberg described a worrying decrease in investors in Saudi Arabia’s industries. The article argues that falling oil prices coupled with ongoing and potential regional conflicts call for an updated economic model to offset the losses of the Gulf state members of the Organization of Petroleum Exporting Countries (OPEC), Saudi[…]
14
Jan
Jan
The recent dramatic slide in crude oil prices has led to economic strain throughout the Arabian Peninsula, particularly in Bahrain. The near-70% fall in oil price since mid-2014 has “shattered” government revenues. While Saudi Arabia has funded its deficit by drawing on its central bank deposits, and Kuwait, Qatar, and the UAE have sufficient assets[…]
