Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
The deal struck by Opec countries on 30 November to cut oil output marked the first silver lining to the dark cloud of the slump in oil prices that has cast long shadows over the Gulf states’ economies since mid-2014.
The sharp contraction in state oil revenues – MEES calculations show that 2016 Opec oil export revenues were less than half 2014 levels and down 16.5% on 2015 – led cash-strapped governments to post record-high budget deficits as they grappled with a sudden reversal in fortunes.
The deal to cut 1.2mn b/d came into effect on 1 January this year with one key target - to boost the price of oil. It marks Opec’s first supply cut in eight years. (CONTINUED - 1813 WORDS)
DATA INSIDE THIS ARTICLE
|table||GCC 2016-17 International Bonds|
|chart||Gcc Sovereigns* Face A Cumulative $560bn In Financing Needs Over 2015-19…|
|chart||…Though Annual Requirements Are Set To Ease As Oil Prices Rise ($Mn)|