Gulf economy planners face 2019 challenges
Uncertainty over oil prices is creating problems for GCC states as they prepare budgets for the year ahead
Not so long ago, Gulf state economists were making projections for 2019 on the basis of oil remaining in the region of $80-90 a barrel. But developments over the past weeks have forced them to get their calculators out again, as prices slipped to less than $70 a barrel. Fears about global oil shortages eased, as the US granted waivers to eight states to allow them to continue buying oil from sanctioned Iran, and President Trump urged Opec states to produce more. Another factor is the rise of US oil production to 11.6m barrels a day. The expected global tight supply has not materialised. The dilemma that economic planners in the Gulf states face is that the market looks like remaining uncerta
Also in this section
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
