Countries in the oil-exporting Gulf will remain heavily dependent on hydrocarbon production for at least the next ten years as efforts to diversify economies have made limited progress since the 2014-2015 oil NSE -0.87 % price shock, Moody’s said.
Reliance on the energy sector will be the “key credit constraint” for the six countries forming the Gulf Cooperation Council (GCC), the ratings agency said in a report on Monday.