Oil plunge: Saudi Arabia may need sharper fiscal adjustments | GulfNews.com:
"With another bout of extreme volatility witnessed in oil prices, countries in the Gulf Cooperation Council may continue to post budget deficits for a few more years, forcing them to raise more debt, until stability returns to oil market.
“We expect all of the large rated GCC economies, except Kuwait, to post general government deficits in 2015 and 2016,” Trevor Cullinan, Director and sovereign analyst with Standard & Poor’s told Gulf News.
Most of the countries in the GCC are already in deficit, following a more than 60 per cent decline in prices of oil, from which it derives most of its revenues."
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