A Crisis Looms For Oil-Rich Gulf States

Market Movers - The International Monetary Fund issued a dire warning to the oil-rich Gulf Arab states this week: Rein in your spending or risk exhausting all of your oil savings within the next fifteen years. Even powerhouse Saudi Arabia was on the list, along with gas-rich Qatar. Low oil prices, the rise of renewables, climate change, and slower oil demand growth all threaten the livelihood of the fossil-fuel dependent states, the IMF said - and no one is immune. The region’s total wealth, estimated at $2 trillion, will turn negative by…