When Gulf states tighten their belts.(Saudi Arabia and other Persian Gulf countries may have to reorganize economic priorities as the price of oil declines sharply)(Brief Article)

From: The Economist (US) | Date: March 14, 1998 | Copyright information

MUSCAT

OVER the past three months, oil-producers have watched, transfixed like bustards caught in the headlights, as the price of their product has plummeted from around $18 a barrel to about $12. A meeting of energy specialists in Muscat this week was cast into gloom by oil's spiral downwards. The outlook is troubling for all the Gulf states, but particularly for Saudi Arabia, with its sizeable indigenous population. Three-quarters of its income depends on oil, so a drop in the price has the whole economy shuddering.

Saudi Arabia is the world's largest producer, pumping out ...

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