{"id":220086,"date":"2022-02-25T14:54:13","date_gmt":"2022-02-25T14:54:13","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=220086"},"modified":"2022-02-25T14:54:13","modified_gmt":"2022-02-25T14:54:13","slug":"gulf-countries-budgets","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/gulf-countries-budgets\/","title":{"rendered":"Gulf countries&#8217; budgets recover with high oil prices"},"content":{"rendered":"<p style=\"text-align: justify\"><strong>Riyadh, (Business News report)||<\/strong> Oil prices have exceeded the level of the break-even point for the Gulf countries&#8217; budgets due to the Russian-Ukrainian war.<\/p>\n<p style=\"text-align: justify\">It is likely that there will be large surpluses in Gulf countries&#8217; budgets, even for the weakest economies, if prices remain high.<\/p>\n<p style=\"text-align: justify\">Crude prices reached $105 a barrel for the first time since 2014, in light of the Russian invasion of Ukraine.<\/p>\n<p style=\"text-align: justify\">The fighting in Europe means that OPEC members such as Saudi Arabia and the United Arab Emirates could make even bigger windfalls.<\/p>\n<p style=\"text-align: justify\">There is even a chance that Bahrain, the smallest economy in the region, will record a balanced budget for the first time since 2008 if crude oil remains elevated.<\/p>\n<p style=\"text-align: justify\">It is noteworthy that the price of Brent crude jumped by more than 9% in the hours after President Vladimir Putin ordered Russian forces to strike Ukraine.<\/p>\n<p style=\"text-align: justify\">The International Monetary Fund estimates that prices at this level will ensure that all major oil producers in the Middle East, with the exception of Bahrain, run a budget surplus.<\/p>\n<p style=\"text-align: justify\">Also, Saudi Arabia, which needs oil to be around $72 a barrel to balance its budget, has said it expects to post a surplus this year.<\/p>\n<p style=\"text-align: justify\">The United Arab Emirates need the price of oil barrel to be at $67 while Bahrain needs it to be at $106.<\/p>\n<p style=\"text-align: justify\">&#8220;$100 oil is a boon for the GCC, very few thought we\u2019d get back to this level after the drop in 2014,&#8221; said Ziad Daoud, chief emerging markets economist at <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiGyortjZv2AhXOO-wKHTV9CfoQFnoECAQQAQ&amp;url=https%3A%2F%2Fwww.bloomberg.com%2Feconomics&amp;usg=AOvVaw18wt4ymt0EREZasnrTvqhm\">Bloomberg Economics<\/a>. &#8220;It would allow governments to spend more and build up their foreign-exchange reserves.&#8221;<\/p>\n<p style=\"text-align: justify\">The price jump will \u201cboost confidence, replenish balance sheets and support the economic recovery\u201d of Gulf countries, said Mohamed Abu Basha, head of macroeconomic research at investment bank EFG Hermes.<\/p>\n<p style=\"text-align: justify\">Investors will also \u201cfind a safe-haven in the Gulf\u2019s dollar pegs from growing risks to emerging currencies amid a complex environment of rising inflation and potential tightening by global central banks,&#8221; he said.<\/p>\n<p style=\"text-align: justify\">The current reality represents a sharp turnaround after energy market turmoil and the pandemic have thwarted the recovery from the recent collapse in oil prices.<\/p>\n<p style=\"text-align: justify\">However, the increased emphasis on fiscal discipline after a period of relatively low oil prices means that Gulf states are unlikely to increase spending.<\/p>\n<p style=\"text-align: justify\">It is noteworthy that officials in Saudi Arabia, the largest oil exporter in the world, have pledged to use the windfall gains to prepare for the future.<\/p>\n<p style=\"text-align: justify\">This is part of efforts to diversify the economy, as climate change is spurring a move towards technology that does not use fossil fuels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Riyadh, (Business News report)|| Oil prices have exceeded the level of the break-even point for the Gulf countries&#8217; budgets due to the Russian-Ukrainian war. It is likely that there will be large surpluses in Gulf countries&#8217; budgets, even for the weakest economies, if prices remain high. Crude prices reached $105 a barrel for the first [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":220087,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278,1538,169],"class_list":["post-220086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured","tag-gcc","tag-oil"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gulf countries&#039; budgets recover with high oil prices| BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Oil prices have exceeded the level of the break-even point for the Gulf countries&#039; budgets due to the Russian-Ukrainian war.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/gulf-countries-budgets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gulf countries&#039; 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