Despite a sizeable fiscal deficit this year and the next due to decline in oil prices, Oman is likely to avoid deep cuts in spending as the real GDP grows by 4 per cent in 2015 before moderating to 3.7 per cent in 2016, a report said.
Global crude oil prices are not expected to fall in the second half of 2015 and it was still too early to talk about Opec's supply decision when the group meets next in June, Kuwait's Opec governor said on Monday.
With weak oil prices eroding Bahrain’s economy, the residential market remains at high risk of losing its momentum of growth, with declines likely towards the end of the year as demand starts to wane, a report said.
Top oil firms Royal Dutch Shell and Total are bringing their refining and trading operations closer together, seeking alternative ways to drive profits as oil prices fall and independent trading houses expand into their territory.
Low oil prices are slowing new economic projects in Saudi Arabia and the UAE but project awards have accelerated in Qatar and Kuwait, Abu Dhabi Commercial Bank said on Thursday in a report showing the mixed impact of cheap oil on the Gulf.
Kuwait’s trade surplus slipped in 2014 for the first time in six years, falling by 18 per cent to KS19.8 billion ($65.5 billion), mainly due to lower oil export receipts, a report said.
A decline in non-oil export earnings a
Lifting sanctions on Iran's oil industry could significantly change the outlook for oil supply and prices, the head of the US Energy Information Administration told US legislators.
"If and when sanctions are lifted, EIA
The slide in oil prices is only temporary as global oil demand is expected to grow annually by up to 1 million barrels per day (bpd) while world consumption is likely to increase to 105 million bpd in 2025, a top official said.
Oil prices fell in early Asian trading on Tuesday after investment banking firm Goldman Sachs said that prices needed to remain low in coming months to achieve a slowdown in US production growth.
Brent May crude had dropped almost
Despite plunging oil prices, the number of billionaires in the Arab world rose to 49 this year - four more than last year -- with a shared wealth of $155.1 billion, up $7.4 billion, according to Forbes Middle East.