Standard and Poor’s (S&P) Ratings Services has said Gulf sovereigns’ high and increasing dependence on hydrocarbon revenues is a key vulnerability of their economies and their ratings, and some GCC countries are more vulnerable than others to a drop in oil prices, Muscat Daily has reported. Bahrain and Oman are the GCC countries that are most vulnerable to a sharp and sustained decline in the hydrocarbon market, while Qatar and the UAE are the least vulnerable, S&P said. “We assess Bahrain and Oman as highly vulnerable to a fall in hydrocarbon prices or production. They have the highest fiscal break-even oil prices among GCC states,” it said.
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