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Title : Middle East Oil Producers Are Drowning In Debt
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Middle East Oil Producers Are Drowning In Debt

Flames rise from burning excess of hydrocarbons at Nahr Bin Omar natural gas field in Iraq (AFP)

OilPrice.com: Middle East Oil Producers Are Drowning In Debt 

Arab Gulf oil producers are losing billions of U.S. dollars from oil revenues this year due to the pandemic that crippled oil demand and oil prices. Because

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of predominantly oil-dependent government incomes, budget deficits across the region are soaring. 

Middle East’s oil exporters rushed to raise taxes and cut spending earlier this year, but these measures were insufficient to contain the damage. 

The major oil producers in the Gulf then rushed to raise debt via sovereign and corporate debt issuance. Bond issues in the region have already hit US$100 billion, exceeding the previous record amount of bonds issued in 2019. 

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WNU Editor: 2021 is not going to get better. The Covid-19 vaccine may be coming, but the economic costs of this pandemic are horrific. It is going to take a long time before the global economy and oil markets recover to their pre-Covid-19 numbers.

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