The $2 Trillion Threat To Middle East Oil

The global drive to mitigate the impact of climate change and boost renewable energy is threatening the immense wealth that the Arab Gulf oil producers have accumulated from crude oil over the past decades. In less than a decade and a half, the six members of the Gulf Cooperation Council (GCC)—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE)—could see their combined US$2 trillion wealth wiped out, if they do not significantly accelerate fiscal reforms and raise their non-oil revenues and non-oil share of…