The oil price war that Saudi Arabia and Russia started will hurt the fiscal revenues of the oil producers in the Persian Gulf, including the Saudis, OPEC’s top producer and the world’s top oil exporter, according to credit rating agency Fitch. “The collapse in oil prices will clearly be seen in fiscal numbers for the Gulf,” Jan Friedrich, the senior sovereign analyst for the Middle East and Africa, said on Monday, as carried by Reuters . Due to the coronavirus outbreak, the economies of the Middle Eastern oil producers had already been hit by depressed oil demand in their key market, China. The Gulf countries were feeling the double sting of a sizeable loss of oil demand in Asia and a plunge in oil prices as the markets fear a significant slowdown in global economic growth. Because of the outbreak, the non-oil sectors of the Middle Eastern economies are […]