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Report: Gulf states’ debts hit $220bn

March 11, 2020 at 11:04 am

GCC leaders gather in Bahrain on December 7 2016 [Stringer /Anadolu Agency]

The Institute of International Finance has said that the debts of the Gulf States increased from $30 billion in 2014 to $220 billion in December 2019, the New Khaleej news website reported yesterday.

According to the news site, the increase is partly a result of their reliance on issuing Eurobonds over the past few years.

In its report, the institute expected the price of Brent oil to decrease by $10 in 2020 due to the decline in global demand. This, it added, will weaken the position of oil-producing countries in the Middle East and Africa.

Saudi Arabia said it will be increasing its oil production to 12 million barrels per day from April after an OPEC+ deal signed to stabilise prices comes to end.

READ: Collapse of oil prices harms GCC revenues