Tag Archives: Persian Gulf Countries

The Gulf states’ economies could contract by 7.6% this year in their deepest decline in decades, as the coronavirus and low oil prices take their toll, a top International Monetary Fund (IMF) official said on Tuesday, June 30. The new projection for the 6-nation Gulf Cooperation Council (GCC) is dramatically …

As demand for oil crashed amid the coronavirus outbreak, many traders seized the opportunity to store cheap oil stock to resell at a higher price. However, this scenario wasn’t an easy task for everyone. The shipping costs increased sharply and storage facilities surpassed the 90 per cent occupancy mark for …

Saudi Arabia and the UAE introduced the five percent Value Added Tax (VAT) in January of 2018, a first for the Persian Gulf region which had long prided itself on its tax-free, cradle-to-grave welfare system. On the same day, Saudi Arabia announced a petrol price hike of 127 percent.

The OPEC+ agreement and the additional oil output cuts announced this week will push GCC budgets even deeper into deficit, according to Fitch Ratings. Saudi Arabia said on Monday it would add to existing cuts by reducing output by another 1 million bpd next month — equivalent to 1 per …

Iran’s volume of trade exchanged with the Arab countries of the Persian Gulf littoral states in the last Iranian calendar year [ended March 20, 2020] stood at $22 billion.

States in the Persian Gulf region understandably are ramping up spending in the midst of the Covid-19 pandemic. But their income also is in sharp decline as oil prices test lows. They must thus decide how to cover newfound deficits as oil trades in the US$20-$35-per-barrel range, and natural gas …

Saudi Aramco has announced that it will be pumping $110 billion over the next couple of years to develop the Jafurah gas field.

Saudi Arabia has so far been thwarted by Russia in its push to shore up oil markets against the coronavirus. But when they meet next week. the humbled kingdom may yet clinch victory.

Saudi Aramco’s planned purchase of the region’s biggest petrochemical company comes as it targets downstream investments in a move away from relying on crude oil sales.

Gulf economies will grow at a slower pace than estimated this year as the coronavirus hurts oil demand. trade and tourism. Standard Chartered PLC said.