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