Some blame fat salaried government employees, others point the finger at poor economic management. The causes of the downturn are many, however.
Primarily dependent on oil money, the Gulf economies are losing billions of dollars as the oil prices have hit the lowest points in history.
US crude oil futures turned negative for the first time in history as storage space was filling up, discouraging buyers as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover.
The sanctions-hit Islamic republic projects abandoning dependence on oil revenue to finance its budget. But there’s more than meets the eye.
OPEC members’ net oil export revenues rose to $711 billion in 2018, marking a 32 percent increase in one year.
Except for Qatar, the oil producing gulf countries are adamant on raising oil prices to fill budget deficits.
Is Donald Trump's plan working in Iran? Not really. Here’s why that’s a good thing.
Subscribe to our Youtube channel for all latest in-depth, on the ground reporting from around the world.
Copyright © 2021 TRT World.