Kuwait is the GCC state most impacted by the low oil price – Moody’s

  • Date: 28-Oct-2020
  • Source: Zawya
  • Sector:Oil & Gas
  • Country:Kuwait
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Kuwait is the GCC state most impacted by the low oil price – Moody’s

Kuwait is the GCC sovereign most exposed to the prolonged decline in oil prices caused by the COVID-19 pandemic, with a -29.2 percent oil and gas revenue shock, said Moody's, while Bahrain is the least exposed of the GCC states, with a revenue impact of -4.2 percent.The impact of the coronavirus shock on oil and gas revenue, based on the assumption that oil prices average about $35 per barrel this year.Kuwait was followed by Saudi Arabia with a revenue shock of -12.7 percent, Oman with -12.2 percent, Abu Dhabi with -11 percent and Qatar with 7.8 percent.In a webinar hosted by Moody's on the impact of the pandemic and lower oil prices on GCC sovereigns, Alexander Perjessy, VP, senior analyst for Moody's sovereign risk group, said: “The UAE and Qatar