‘Gulf oil wealth could vanish by 2034 w/o reforms’

Energy-addicted Gulf states must undertake much deeper reforms or risk seeing their wealth drain away in 15 years as global demand for oil slides, the IMF warned. “At the current fiscal stance, the region’s financial wealth could be depleted by 2034,” the IMF said. The Gulf Cooperation Council accounts for a fifth of the world’s crude supplies and oil income.

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