Cheap Oil’s Silver Lining for the Gulf (Nasser Saidi, Project-Syndicate)

In June 2014, a barrel of Brent crude – the main benchmark of the international oil market – sold for $115. Today, less than two years later, the price is $45 – or even less. Not surprisingly, that collapse has been a massive shock to Saudi Arabia and the Gulf oil sheikhdoms, which rely on oil for some 85% of their revenues. And what they need to realize is that, unlike past price declines, this one will not be transitory.

https://www.project-syndicate.org/commentary/oil-price-decline-opportunity-for-economic-reform-by-nasser-saidi-2016-04