Gulf monarchies brace for tough times over oil price plunge | Middle East Eye:
"Gulf countries are bracing for tough times as vital oil revenues fall and after they missed a golden opportunity to diversify their economies in a decade of unprecedented windfalls, analysts say.
The six nations of the Gulf Cooperation Council (GCC) -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- could soon start reeling from falling oil prices, which have dropped by half from their 2014 highs to around $60 a barrel.
Pumping about 17.5 million barrels per day, GCC countries are forecast to lose at least half their oil revenues, or around $350 billion a year, at current price levels."
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