Economics
Iran's Oil Will Just Make Life Worse for Gulf Rivals
- Gulf stocks tumble on prospect of more crude exports from Iran
- GCC already taking unprecedented steps to cope with low prices
Why Gulf Nations Should be Concerned About Iran...
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As Iran emerges from a decade of international sanctions, its Gulf Arab rivals are facing their toughest economic predicament since the global financial crisis.
Governments across the six-nation Gulf Cooperation Council are taking unprecedented measures to counter the slump in oil prices, curtailing some of the world’s most generous welfare systems to plug widening budget deficits. In some countries, contractors are facing delays in government payments, while companies are reducing their workforces to trim costs.