Via Robin Mills in agbi.com: The oil price is currently a bit lower than the GCC countries would like it, set to end the year at around $74 per barrel for Brent crude. At this price, Saudi Arabia and Kuwait run moderate budget deficits, while the UAE, Qatar and Oman will record decent surpluses. Revenues are high enough to avoid a crisis and provide ample funds for growth; low enough to encourage reform and ward off complacency. So GCC energy policies in 2025 have the following recipe: maximise oil and gas revenues, continue development and reform of the traditional petroleum sector, and expand into new energy and related businesses, both at home and abroad. Opec+ has not enjoyed a successful year. Despite continuing its production restraint, including extension of the voluntary cuts by some members throughout 2024, oil prices ended in virtually the same place as they began. They have slipped steadily since briefly topping $91 per barrel in April.
