The plunge in oil prices over the past week isn’t a major headache for the largest Gulf economies, but it will exacerbate balance sheet strains in Bahrain and Oman. It also reduces the chances that OPEC+ decides to raise output at its upcoming meeting. Meanwhile, this week marked the second anniversary of the Qatar blockade. Even if a truce is finally reached, this wouldn’t provide much of a lift to Qatar’s economy.
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