Spending cuts are not the solution to dealing with oil exporting countries’ low revenues. This comes from the Arab Petroleum Investments Corporation (APICORP) Energy Forum in Bahrain where only 16% of energy and financial sector experts believe spending cuts would overcome the current squeeze on government revenues. Some 45% of the delegates stated diversification and 34% said subsidy reforms would be the answer. It was also revealed that 91% believed Brent oil price will remain below $70 (AED 257) for the coming 12 months, while only 1% predicted that the price per barrel would exceed $100 by this time next year.

Gulf stocks mixed amid confusion over US-Iran talks
Australia, EU seal long-awaited trade deal
Weaponising Strait of Hormuz is an act of economic terrorism: Sultan Al Jaber
IEA consulting with governments on further oil stock releases, chief Birol says
Dollar rises as escalating Middle East tensions spur haven demand
