Middle East & North Africa Economics

Middle East Chart Book

21 November, 2018

Gulf markets under pressure as oil slumps

The recent plunge in oil prices is unlikely to cause major economic ructions in the Gulf, but it has taken a toll on local financial markets. Brent crude has plunged from $85pb at the start of October to just under $65pb now, in the process wiping $130bn (9% of GDP) off the Gulf’s oil export revenues on an annualised basis. Budget and current account balances will deteriorate but most of the Gulf economies are well-placed to cope and dollar pegs should remain intact. Lower oil prices have weighed

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