A Standard & Poor’s Rating Services report cited by Gulf News warned that low oil prices will adversely affect the banking sector in the Gulf Arab states.
Officials of the six-nation Gulf Cooperation Council agreed at the weekend to keep working towards the introduction of a value-added tax around the region, in a sign that low oil prices may be strengthening support f ...
Iranian President Hassan Rouhani says the country’s dependence on oil revenues will drop to its lowest level ever in the current Iranian year (which began on March 21).
Libya's internationally recognized government said it plans to open a bank account abroad to deposit oil revenues, hoping to divert proceeds from the industry away from the country's rival administration in Tripoli.
Cuts in public spending, the widespread introduction of taxation and rising levels of unemployment are set to hit Bahrain over the coming decade, said a report citing the UK-based international think tank Chatham House.
The Yemeni central bank says the nation’s oil revenues suffered a drop of about $1 billion or 37% in 2014 due to plunging crude prices and attacks on the impoverished country’s pipelines.