Last year, with oil prices floundering near the $40 mark for much of the year, most of the Gulf economies were in dire straits due to their heavily oil-reliant economies According to an S&P Global Ratings estimate, the Gulf Cooperation Council’s central government deficit hit $100 billion in 2020 The remarkable recovery of oil prices and the broader energy sector has transformed the economic situation of these countries, with GCC stock markets on a tear Last year, deep in the throes of the energy crisis, Gulf nations led by Saudi Arabia constantly touted the strength of their economies, claiming they could withstand any scale of shocks . But the truth of the matter is that most Gulf economies were in dire straits thanks to their overreliance on oil. With oil prices stuck around $40/barrel, only Qatar managed to balance its books, while Saudi Arabia’s fiscal breakeven price of $76.10 […]