IMF Report: The Financial Wealth Of The Oil-Rich Gulf States Will Be Gone In 15 Years

Gulf News: GCC’s financial wealth could be depleted by 2034: IMF

Oil exporters need to fine tune fiscal policies in line with oil market realities

Dubai: The GCC countries that account for a fifth of the world’s oil production need to urgently adapt their fiscal policies to the reality of lower oil prices in the longer term, the International Monetary Fund (IMF) said in a Staff Report on Thursday.

The report, ‘The Future of Oil and Fiscal Sustainability in the GCC Region’ noted that oil market is undergoing a fundamental change. New technologies are increasing the supply of oil from old and new sources, while rising concerns over the environment are seeing the world gradually moving away from oil. This spells a significant challenge for oil-exporting countries of GCC who account for a fifth of the world’s oil production.

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WNU Editor: I still believe that oil demand and production will continue to increase in the coming years, but the warning signs that change is coming are there .... Global oil demand to peak around 2040 or ‘much sooner,’ IMF says (CNBC).

More News On The IMF Report That Is Claiming That The Financial Wealth Of The Oil-Rich Gulf States Will Be Gone In 15 Years

IMF: Oil-rich Gulf Arab states may spend savings in 15 years -- Seattle Times/AP
Gulf's financial wealth could be over in 15 years: IMF -- Reuters
IMF urges acceleration of GCC reforms for post-oil future -- The National
Without reforms, Gulf oil wealth could vanish by 2034: IMF -- AFP

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