GCC reliance on hydrocarbons unlikely to diminish in coming years - Moody's

For all the diversification efforts undertaken by the Gulf Cooperation Council (GCC) governments, hydrocarbons will continue to drive their sovereigns’ fiscal strength, liquidity position and external vulnerability for many years, said Moody’s Investor Service in a report.

However, the sovereigns’ very high reliance on hydrocarbons--and therefore, exposure to oil market fluctuations--will remain a key credit constraint, the ratings agency warned.

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