Kuwait – Mubasher: The Gulf region is in unenviable position as its vulnerability towards oil prices, which are falling since mid-2014, is extreme when compared to other parts of the world, a report issued by Asiya Investments showed.    

The low oil prices is owed to the weak global demand and a considerable oversupply, but the report viewed by Mubasher was also repeatedly referring to the OPEC and the U.S. as the biggest influencers on oil prices across the world.

“The main concern of the organization of exporters should be to make sure that the price increase offsets the decline in quantity. Oil-dependent GCC countries, which witnessed severe declines in export revenue and a sizeable deterioration of their fiscal balances would be benefited from the measure,” the weekly economic report said.

The report concluded “the time for the OPEC to act is coming.”