The Arab monarchies of the Persian Gulf's $2trn of government financial wealth could be gone by 2034 if current fiscal measures aren't ramped up, as oil demand nears peak levels, the International Monetary Fund said in a report. The six-nation Gulf Cooperation Council (GCC) accounts for over one fifth of global oil supply, but economies in the region have been hit hard by a drop in oil prices in 2014 and 2015. Global oil demand may start falling sooner than expected, putting a strain on the finances the IMF warns. "Global oil demand will peak around 2041 at about 115 million barrels a...
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