DOWNFALL OF THE OIL INDUSTRY AND THEIR IMPACT IN GULF COUNTRIES

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DOWNFALL OF THE OIL INDUSTRY AND THEIR IMPACT IN GULF COUNTRIES

In this paper, you are supposed to discuss the downfall of the Oil Industry and their impact in Gulf countries. You are asked to discuss the impact of price slashing of crude oil on gulf countries and find a solution for this havoc and bring back the balance in gulf and world economy.

INTRODUCTION

The economic recession in gulf countries has led to the reduction in the Federal government’s revenue, which they have blamed on the decline in crude oil prices.

Since mid 2014 crude oil prices have fallen by more than 70 per cent and all the oil companies have shed down their profits by almost 70 percent and their projects are either been suspended or being cancelled.

In the long run, their very high dependence on oil poses a more fundamental challenge than for almost any of their rival.

With the current situation in the gulf continues there are lot of implications all over the global economy, apart from that gulf countries which are the major producers of the oil are facing the nightmare of the century. This downfall has led them in various ways as oil and gas export revenues are the principal source of export income in GCC.

AIM AND OBJECTIVE

This project aims to investigate the impact of downfall of the oil industry and its impact on gulf countries. The following objectives will help to achieve this project aim:

• To discuss the impact of the price slashing of crude oil on gulf countries.
• To find a solution for this havoc and bring back the balance in gulf and world economy.

METHODOLOGY

• To understand and discuss about the volume of the oil industry downfall I will be using various scholastic articles from internet and from various journals.
• I would also be using various diagrams and graphs to give detail idea about the different implications.
• I have found out the different impacts of the oil and gas price slashing and their causes from various journals and it will be scrutinised in detail for better understanding by different ways.

In summary I will be using a mixed way of analysis, like qualitative and quantitative by using various internet sources and scholastic journals respectively for economic advice and statistical information.