$1.4 trillion in additional revenues for the Gulf states from oil and gas in the coming years

The year 2022 undoubtedly witnessed a significant decline in the stock markets, and the outlook for 2023 remains cautious, as inflation and geopolitical tension continue to affect the global economy. However, one market that appears to have benefited from the turmoil and is defying the general downtrend with a steady rise in prices is the oil and gas market.

For oil-producing countries in the Middle East and North Africa, higher oil and gas prices help drive economic growth. Although oil revenues have shaped the economies of these countries over the past 70 years, financial market experts and analysts agree that “the recent rise in oil prices will this time affect the local economy in a more sustainable way, as the GCC countries will use what they have.” Revenues in financing economic diversification efforts, which leads to more self-sufficiency for countries.