PwC: ‘Use oil-based fiscal windfall to fuel energy transition’
- Date: 08-Jul-2022
- Source: Consultancy ME
- Sector:Oil & Gas
- Country:Saudi Arabia
PwC: ‘Use oil-based fiscal windfall to fuel energy transition’
The rise in oil prices is providing a windfall for GCC states, according to PwC’s latest Middle East Economy Watch, with most governments set to bump up their fiscal surplus in the coming months.
For large oil-exporting countries such as Saudi Arabia, Kuwait, Qatar and Iraq, the surge in oil and gas prices is having a “major positive impact on the fiscal outlook of governments”, according to PwC’s research. GCC’s six states for instance are expected to enjoy an aggregate fiscal budget surplus of around $150 billion in 2022, with that amount to grow in the years ahead.
The price of oil currently trades at around $100 per barrel, a seven-fold increase on the low of $14 per barrel when Covid-19 grappled the market.
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