Dr John Sfakianakis explains that, although in the short-term the macroeconomic outlook is good for the Gulf countries due to higher oil prices and better revenues, in the medium-term, if the Ukraine invasion continues and is a trigger for a global recession, this could destroy demand.
He says the break-even for the entire Gulf on oil prices is around $65-70 a barrel and a global economic recession will likely push prices below that mark.