Gulf borrowing needs could plunge to $10bn if oil stays above $65 says Goldman Sachs
Published 14 Mar,2021 via Arab News - Economy DUBAI - The Gulf Cooperation Council’s borrowing requirements could drop to $10 billion over the next three years from about $270 billion, if oil prices remain elevated, according to Goldman Sachs Group.
If prices for the commodity average $65 a barrel and all else is equal, borrowing needs for the six countries comprising the council would drop 96 percent from what they’d be if oil traded at $45, Bloomberg reported, citing Farouk Soussa, an economist at the bank.
Oil prices have risen by almost 80 percent since the start of November to trade around $70 per barrel.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
Arab News