{"id":267110,"date":"2020-02-06T17:53:55","date_gmt":"2020-02-06T20:53:55","guid":{"rendered":"https:\/\/anba.com.br\/?p=267110"},"modified":"2020-02-06T18:15:25","modified_gmt":"2020-02-06T21:15:25","slug":"gulf-must-adapt-to-lower-oil-prices","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/gulf-must-adapt-to-lower-oil-prices\/","title":{"rendered":"Gulf must adapt to lower oil prices"},"content":{"rendered":"<p>S\u00e3o Paulo \u2013 The Gulf Cooperation Council (GCC), whose member countries accounted for a fifth of world oil output between them, need to tailor their fiscal policies to match the reality of oil prices, which are seen remaining lower in the long term. The information is from a publication released by the International Monetary Fund (<a href=\"https:\/\/www.imf.org\/external\/index.htm\" target=\"_blank\" rel=\"noopener noreferrer\">IMF<\/a>)\u00a0this Thursday (06).<\/p>\n<p>According to the report, titled \u201cThe Future of Oil and Fiscal Sustainability in the GCC Region,\u201d the global oil market is changing, with new power-saving technologies being employed and mounting environmental concerns causing the world to gradually move away. The IMF report argues that this poses a significant challenge to the Gulf\u2019s oil exporting countries.<\/p>\n<p>On the other hand, the IMF claims GCC countries recognize the need to scale down their dependence on oil, and are rolling out reforms to diversify their economies. According to the report, \u201cat the current fiscal stance, the region\u2019s financial wealth could be depleted by 2034\u201d and \u201cfiscal sustainability will require significant consolidation in the coming years.\u201d<\/p>\n<p>According to the IMF, the world\u2019s demand for oil \u201coil is expected to grow more slowly and eventually begin to decline in the next two decades.\u201d The organization believes ongoing reforms towards economic diversification and private sector development need to accelerate. However, it also argues that demand for natural gas will benefit the Gulf countries, which hold considerable gas reserves.<\/p>\n<p>Oil barrel prices peaked at over USD 100 in 2014 before spiraling down. Late 2018 saw the barrel climb again, to around USD 80, before eventually stabilizing at lower levels, with minor ups and downs. The Brent oil barrel is currently selling for USD 55.<\/p>\n<p><strong>Translated by Gabriel Pomerancblum<\/strong><\/p>\n<div class=\"credits-overlay\" data-target=\".wp-image-267105\">Stringer\/AFP<\/div>\n","protected":false},"excerpt":{"rendered":"<p>An IMF report urges Gulf Cooperation Council member countries to tailor their fiscal policies to match the commodity\u2019s prices, which are expected to decline in the next two decades.<\/p>\n","protected":false},"author":2316,"featured_media":267105,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91,114],"tags":[13768,13767,36032,9599,12846,10161,1988,8430],"class_list":{"0":"post-267110","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"category-news","9":"tag-brent-oil","10":"tag-fim-do-petroleo","11":"tag-gas-natural-en","12":"tag-gcc-en","13":"tag-gcc-ar","14":"tag-gulf-en","15":"tag-imf","16":"tag-oil-price"},"wps_subtitle":"An IMF report urges Gulf Cooperation Council member countries to tailor their fiscal policies to match the commodity\u2019s prices, which are expected to decline in the next two decades. ","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/267110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=267110"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/267110\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/267105"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=267110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=267110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=267110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}