Gulf braces for tough times over oil price plunge thumbnail Gulf countries are bracing for tough times as vital oil revenues fall and after they missed a golden opportunity to diversify their economies in a decade of unprecedented windfalls, analysts say. The six nations of the Gulf Cooperation Council (GCC) – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates – could soon start reeling from falling oil prices, which have dropped by half from their 2014 highs to around US$60 (S$78) a barrel. Pumping about 17.5 million barrels per day, GCC countries are forecast to lose at least half their oil revenues, or around US$350 billion a year, at current price levels. Oil revenues make up around 90 per cent of income for most GCC states and with prices now below budget forecasts, their governments are looking at certain deficits next year. Spending cuts are sure to […]