GCC should continue to diversify from hydrocarbons-Lord Mayor of City of London | GulfNews.com

GCC should continue to diversify from hydrocarbons-Lord Mayor of City of London | GulfNews.com:



"GCC economies should continue diversifying from hydrocarbons in the backdrop of volatile crude oil prices, and the City of London can offer all sort of instruments to finance infrastructure projects in case of any short fall, Alderman Alan Yarrow, the Lord Mayor of City of London, told Gulf News on Sunday.



Crude oil prices have fallen almost 50 per cent from its of high of more than $100 per barrel last year, prompting many countries like Saudi Arabia and Oman to budget a deficit for 2015.



“I plan to discuss oil price, budgets (during my visit). We can’t have something come down from $105 to $48 without having implications on budgets. A short term fall in price in itself is not a problem. It is how long it would stay there,” Yarrow told Gulf News."



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