By Avinash Saxena
Bahrain’s budget is seen nearing balance if oil prices continue to average $85 a barrel next year, says Fitch Ratings.
Commenting on the resurgence in oil prices, the US-based ratings agency said yesterday that this would lead to a marked improvement in GCC fiscal and external balances in 2021, alongside reform momentum that has taken hold to varying degrees since 2014 in response to oil price volatility.
Fitch’s scenario analysis estimates that GCC budgets, except in Bahrain, would move into surplus if oil prices were to average $75 a barrel in 2022.
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