YGRN - Huge deficits forecast for Gulf nations

Gulf economies in the Middle East could be set up for trouble due to their overreliance on oil. Factoring in subdued crude oil prices, S&P Global Ratings estimated that Gulf Cooperation Council central government deficits will soar to $490B cumulatively between 2020 and 2023.Separately, the IMF said that Saudi Arabia needs to see oil prices at $76.10 to achieve fiscal break-even in the current year and is at risk of seeing a huge budget deficit of as much as 11% of GDP.Crude oil prices have fallen three of the last four weeks on a lack of visibility on short-term demand and are starting off the new week a bit soft. In early action, WTI crude oil futures -0.6% to $40.00/bbl and Brent crude -0.5% to $41.71/bbl.ETFs: [[USO]], [[UCO]], [[BNO]], [[SCO]], [[USL]], [[DBO]], [[USOI]], [[NRGU]], [[OILK]], [[OLEM]], [[OILX]], [[NRGD]], [[USAI]], [[NRGO]], [[NRGZ]], [[YGRN]]

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Huge deficits forecast for Gulf nations