Gulf states will take at least 10 years to end oil dependence: Moody’s

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 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.

“If oil prices average $55/barrel … we expect hydrocarbon production to remain the single largest contributor to GCC sovereigns’ GDP, the main source of government revenue and, therefore, the key driver of fiscal strength over at least the next decade,” it said.