Perspective
30 Jun 2020
Impact of the oil industry crisis on the GCC and potential responses
The turmoil in the oil markets, demand uncertainty and the COVID-19 pandemic have prompted a global, sector-wide downturn in the Oil and Gas (O&G) industry that has left the oil-dependent economies vulnerable in terms of fiscal revenue.
Amid this challenging reality, GCC countries are in the middle of implementing ambitious development programs aimed at diversifying their economies: Saudi Arabia Vision 2030, UAE vision 2021, Kuwait vision 2035, Oman vision 2040, Qatar national vision 2030, and Bahrain economic vision 2039.
The Impact of the oil industry crisis on the GCC report finds that GCC economies have choices with on what they do with their development programs.
While one choice is to continue with the execution of national development programs as planned, it may be worth evaluating alternative scenarios outlined in the report.
