Energy-rich Middle East countries smiling all the way to the bank - CanadianInvestor CanadiansInvest
The current high market prices will translate into $907 billion of revenues from oil exports by OPEC, according to the EIAWith the oil-based economies of the Gulf’s current high budgetary surpluses, the glitter will only shine brighter. New projects worth hundreds of billions of dollars are being showcased throughout the region, from Saudi Arabia to Qatar and from Abu Dhabi to Kuwait.
Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait will collectively have a $409 billion current account surplus, reckons Capital Economics, or almost three times last year’s total. And despite all the sanctions, Moscow’s current account surplus, so far in 2022, has tripled, year-on-year. Riyadh has failed to balance its budget since 2014. Like other Gulf economies, it was forced to tighten its belt to meet its growing expenses. Balancing the budget was taking its toll. To compensate for the budgetary shortfalls, Saudi Arabia had to borrow from local and international money markets. Reserves of the Saudi sovereign wealth fund were also dwindling rapidly, raising concerns that Saudi Arabia may not be able to meet its future obligations.
This is a real turnaround. The oil boom brought about by the Ukraine war has made energy-rich Middle Eastern countries extraordinarily wealthy once again, underlined Nadeem Ebrahim while reporting for CNN. The energy price spike triggered by the Ukraine war has lifted the Gulf states out of an almost decade-long economic slump that saw them cut spending and go into budget deficits as their economies shrank.
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