Gulf states will take at least 10 years to end oil dependence

Gulf states 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. Oil and gas account for over 20% of gross domestic product and at least 50% of state revenues in most Gulf countries, and according to the rating agency Moody’s, reliance on the energy sector will be the “key credit constraint” for the countries forming the Gulf Cooperation Council.