| Oil prices have crashed from over $100 to sub-$60 a barrel in just five months. While this is good news for consumer countries, it also means only half the revenue for the energy producers, especially the Gulf Cooperation Council (GCC) countries. Hydrocarbon incomes are set to reduce from $743 billion in 2012 to about $410 billion in 2015. The bloc may, therefore, record a current account deficit for the first time since the late 1990s.
A massive sovereign wealth fund and billions in a ‘future generations fund’ means Kuwait plans to spend $155 billion on projects over the next five years despite the oil price plunge. And, Qatar’s infrastructure projects pipeline is set to soar with $30 billion worth of new project deals in 2015...............................................Full Article: Source
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