STANDPOINT by Atique Naqvi

Most GCC currencies are pegged to the US dollar Global oil demand is declining; energy efficiency is rising; carbon tax is on the horizon, technology has boosted oil production; the world is entering the age of oil abundance, as a result, the oil-rich Arabian Gulf region is facing the depletion of financial wealth in 15 years. Let’s connect the dots with the help of the International Monetary Fund’s (IMF) research paper titled, “The Future of Oil and Fiscal Sustainability in the GCC Region”, released on February 6, 2020. Six oil-rich countries - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates – that are a member of the Gulf Cooperation Council (GCC) are also responsible for the one-fifth (20%) of the global oil production. The global oil market is undergoing a huge fundamental change as new technologies are increasing the supply of oil from old and new sources while raising concerns over the environment are seeing the world gradually moving away from oil, s...

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