Saudi, Gulf Subsidy Cuts Seen Damping Regional Oil Use in 2016By
Cuts boosted kingdom's gasoline prices by about 50 percent
Sabic's cost of doing business to rise 5 percent, IEA Says
Saudi Arabia’s decision to reduce energy subsidies will lead to higher fuel prices and limit growth in the country’s consumption of oil in 2016, according to the International Energy Agency. Similar cuts by other Gulf Arab states will further squeeze demand growth in the Persian Gulf region.
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