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 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.
2 comments:
It won't hurt them at all that they'll now have a Biden admin. US fracking has contributed heavily to their bad situation. Now its a good chance fracking is done. The US can now likely look forward to $5 gas and all the war necessary to make sure it stays that way.
ROCK,
THE,
CASBAH,
R,
Politicians are getting what they want. Less whites and a younger population. They also do not have to renege ion their previous promises in social security or the economy. the just kill people off by mismanagement. It won't make it any easier by having a less white population. If Latin america is any guide, it makes it less easier for politicians. They'll get what they want and then they won't want it.
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