The Future of Oil and Fiscal Sustainability in the GCC Region

By Tokhir N Mirzoev, Ling Zhu, Yang Yang, Tian Zhang, Erik Roos, Andrea Pescatori, Akito Matsumoto

February 6, 2020

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Format: Chicago

Tokhir N Mirzoev, Ling Zhu, Yang Yang, Tian Zhang, Erik Roos, Andrea Pescatori, and Akito Matsumoto. The Future of Oil and Fiscal Sustainability in the GCC Region, (USA: International Monetary Fund, 2020) accessed October 6, 2024

Also available in: العربية

Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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.

Subject: Commodities, Energy conservation, Environment, Fiscal consolidation, Fiscal policy, Fiscal stance, Fiscal sustainability, National accounts, Oil, Oil consumption, Oil prices, Prices

Keywords: Data IMF Library, Demand, DP, DPPP, Energy conservation, Fiscal consolidation, Fiscal stance, GCC country, GCC government, GCC region, Global, Hydrocarbon GDP, Market share, Middle East and Central Asia, Oil, Oil consumption, Oil demand, Oil prices, Price, Price assumption, Research department

Publication Details

Pages:

55
Volume:

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DOI:

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Issue:

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Series:

Departmental Paper No 2020/001
Stock No:

FOFSGCCEA
ISBN:

9781513525907
ISSN:

2616-5333

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