Economic diversification now a necessity for the Gulf states

Economic diversification now a necessity for the Gulf states

April 25, 2016 - 12:36
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By Nasser Saidi/Beirut

In June 2014, a barrel of Brent crude - the main benchmark of the international oil market - sold for $ 115. Today, less than two years later, the price is $ 45 - or even less. Not surprisingly, that collapse has been a massive shock to Gulf oil states, which rely on oil for some 85% of their revenues. And what they need to realise is that, unlike past price declines, this one will not be transitory. 

Read it in full at Gulf Times