Dubai PR Network, Online Press Release from Dubai and Middle East
 
Oil & Gas(Energy and Industry)
Filter PR by
  
Deloitte: Should GCC Countries Re-Calibrate Their Strategies Given Low Oil Prices?
 

Dubai, United Arab Emirates, July 01, 2020:   The dual crisis engendered by the conflict over production levels within OPEC + and the reduced demand caused by the COVID-19 pandemic have prompted a global, sector-wide downturn in the Oil and Gas (O&G) industry that has left the oil-dependent economies vulnerable in terms of fiscal revenue. Demand for oil has fallen by over 18 percent since the beginning of the year, leading to a steep decline of more than 70 percent in the price of oil. Deloitte has just released its new report, Impact of oil industry crisis on the GCC and potential responses, which explores different potential responses GCC countries can take to address the impact of the oil industry crisis on their economies.

“The oil industry is facing its gravest crisis in 100 years, leading to a steep decline in fiscal revenues for many countries in the GCC. With the global economic downturn signaling lasting reduced oil prices, we looked at whether some countries in the region, particularly Saudi Arabia, would benefit from re-calibrating their visions by prioritizing the most resilient transformation programs to stimulate their future economies,” explains Bart Cornelissen, Monitor Deloitte Partner, and Energy, Resources & Industrials Leader at Deloitte Middle East.
The Deloitte report finds that GCC economies have different options with regards to their development programs aimed at diversifying their economies. These options include among others accelerate the process of change, slow down the journey or scale back the vision.

The Deloitte report identifies four key dimensions with key questions to be considered in order to properly assess the various options and respond with resiliency. The first dimension focuses on crafting the strategic direction of the transformation, the second dimension focuses on understanding the future fiscal position, the third focuses on navigating the required investment and policy enablers and the fourth focuses on layout out the future blueprint for governance and socio-economic effects.

“Governments and leadership worldwide are being faced with the most difficult choices, each subject to multi-dimensional challenges and associated risk. The manner in which leadership responds in the next few months will be critical in maintaining, as well as boosting trust among all stakeholders involved,” says Cornelissen. “At the same time, any response will shape the foundation for future relationships, both in the internal and external ecosystem of any country.”

“In choosing the strategic direction and its underlying measures to address the longer-term crisis, leaders have the opportunity to not only tackle today’s challenges but also preempt and address future ones by undertaking the right approach today,” concludes Neal Beevers, Government & Public Sector Partner, Monitor Deloitte Middle East. 


Posted by : Dubai PR Network Editorial Team
Viewed 8058 times
PR Category : Energy and Industry
Posted on : Wednesday, July 1, 2020  3:10:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Market Access Concludes Second Cohort With Several Corporate...
Next Story : Dubai Businesses Explore Opportunities in Mozambique's Growi...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Olay Skin Experts Debut New Body Wash in the UAE! [8061-Views]
Double Success for Rado at the iF Design Awards 2021 [7347-Views]
Maintain Summer-Long Gorgeous Hair with these Essential Treatments from Sukin [6039-Views]
Celebrate Eid in 'Swiss Style' with Oris Divers Sixty-Five ‘Cotton Candy' [5428-Views]
Love Your Skin [4945-Views]
Two Exquisite New Additions to the LOOTAH Perfumes Range: Silky Oud & Timeless Oud [4879-Views]
King C. Gillette is here to Revolutionize the Male Grooming Experience [4723-Views]
My First GROHE: Keep it Simple with GROHE Baulines for the Kitchen [4485-Views]
Ojar Launches Its Eau De Parfum Sillage Boosters [4473-Views]
Ogilvy PR Names Matt Buchanan as Global Head of Consumer PR [4235-Views]
Mouawad Pays Tribute to Natural Wonders [4116-Views]
Arab-Brazilian Chamber of Commerce to enter partnership with São Paulo Football Club [3612-Views]
The Famous Taste of ALBAIK is Coming to Dubai with the Launch of the First Branch in UAE [3567-Views]
Ras Al Khaimah Ruler Addresses Class of 2021 at RAK Academy Graduation Ceremony in Inspiri... [3112-Views]
Dubai Customs' Jebel Ali Center Completes 952k Transactions in 1st Four Months of 2021, Gr... [3005-Views]
Denny's Milkshakes Bring All the Boys and Girls to the Yard This June [2964-Views]
INFINITI Presents: Conquer Life in Style with All-New QX60 Starring Kate Hudson on June 23 [2710-Views]
Thought Series – the Good Life [2690-Views]
Student Entrepreneurship Firmly on the Agenda as GEMS World Academy Hosts High-Profile Pan... [2661-Views]
SEHA Announces Extended Operating Hours for the COVID-19 Prime Assessment Centers [2550-Views]
Gartner Says Worldwide Smartphone Sales Grew 26% in First Quarter of 2021 [2505-Views]
Amplify Summer Sound With LG's Xboom Go Speakers [2464-Views]
Increase in Cardiovascular Disease Among Premenopausal Women in the UAE [2464-Views]
Dubai Municipality Conducts Virtual Food Safety Forum [2452-Views]
SEHA Prioritizes Women's Health With Revamped State-of-the-art Clinics [2440-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories