The diplomatic crisis involving Qatar, Egypt, and the members of the Gulf Cooperation Council (GCC) presented new figures following Egypt’s latest threat against Doha.
Slumping oil prices have put pressure on the Gulf Cooperation Council (GCC) economies, forcing the regions countries to continue with painful fiscal settlements and suffer from less government revenues.
With the fluctuations of global oil prices; the kingdom of Bahrain is trying to make its way out of an economic drop. Although the Bahraini kingdom is working on diversifying its economy from oil and gas since 1990, the kingdom’s deficit is still affected by the changes in the global oil and gas markets. Hence, with the stumbling oil prices, the kingdom had to take a number of measures including the increase of its fuel prices, in 2016.
In the last decades, generating energy from renewable resources might have been seen as a luxury, however, within the volatility in oil prices, increasing energy consumption, and climate change, shifting to a more sustainable source of energy has become a matter of global survival.