Worldwide lockdowns, shrinking demand and a supply glut have sent shockwaves through the oil gas sector, plus oil-reliant economies in the Middle East.
Oil prices have made historic slides this year, and in April, US futures crashed below zero for the first time.
UAE’s early steps
Dr. John Sfakianakis speaks to Inspire Middle East
“Nobody is insulated really, but there are certain countries – such as the UAE – which is better positioned to overcome the crisis,” says Dr. John Sfakianakis, the chief economist of Gulf Research Center in Saudi Arabia and a senior scholar at Cambridge University.
Saudi Arabia outlook
An onshore oil rig
Saudi Arabia’s measures, to offset the economic impact of COVID-19 and fluctuating oil prices, have included a tripling of VAT and an injection over $13 billion dollars into the banking system.
This crisis finds Saudi with around $465 billion dollars, so, it’s a different situation,” said Dr. Sfakianakis of the region’s largest economy.
