GCC needs faster diversification to cope with slowing oil prices | GulfNews.com:
"The rapid expansion of shale oil production in the US and its impact on the global oil prices are pushing Gulf countries to speed up their economic diversification efforts, according to a regional economic outlook report by ICAEW and Cebr (The Centre for Economics and Business Research).
The US is set to overtake Russia next year to become the world’s second largest producer of oil, according to the International Energy Agency (IEA). To date, the US’s reduced appetite for imported oil has been countered by growing demand in emerging markets.
With the emerging economies slowing, however, demand from these markets too is likely to slacken in the short term. With a greater share of exports now being sent to these economies, Middle Eastern oil producers are increasingly exposed to the risk of emerging market slowdown."
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