The Future of Oil and Fiscal Sustainability in the GCC Region

Author: Mr. Tokhir N Mirzoev, Ling Zhu, Yang Yang, Ms. Tian Zhang, Mr. Erik Roos, Mr. Andrea Pescatori, and Mr. Akito Matsumoto

Oil Market is changing. Rising concerns about the global environment have been steadily permeating both policy discourse and commercial activity.

Volume/Issue: Volume 2020 Issue 001

Publication date: February 2020

ISBN: 9781513525907

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Environmental Conservation and Protection , DPPP , DP , price , demand , GCC country , GCC region , oil demand , hydrocarbon GDP , market share , price assumption , GCC government , Oil prices , Oil consumption , Oil , Fiscal consolidation , Fiscal stance , Global , data IMF Library , research department , Energy conservation , Middle East and Central Asia

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Summary

The oil market is undergoing fundamental change. New technologies are increasing the supply of oil from old and new sources, while rising concerns over the environment are seeing the world gradually moving away from oil. This spells a significant challenge for oil-exporting countries, including those of the Gulf Cooperation Council (GCC) who account for a fifth of the world’s oil production. The GCC countries have recognized the need to reduce their reliance on oil and are all implementing reforms to diversify their economies as well as fiscal and external revenues. Nevertheless, as global oil demand is expected to peak in the next two decades, the associated fiscal imperative could be both larger and more urgent than implied by the GCC countries’ existing plans.