The current situation in the oil market proves that the GCC countries are the dominant of the oil and gas sector globally and it is one of the best regions for oil and gas investments.
The firm decision from the GCC countries not to cut the production level is an indication that the GCC countries believe that the oil still one the main economy drivers and it will recover soon.
The political tension between the major countries is the main reason of the decline of the oil prices.
The new oil producer countries have high production cost which will lead them to consider importing oil than producing it to be cost effective. The GCC countries will continue to supply the market with the current level if not more to maintain their oil market share globally.
There are many mega oil and gas projects in the GCC region have been announced lately mainly in Saudi Arabia, UAE, Qatar and Kuwait.
There is trend from the GCC governments to invest more in refining the crude oil not to sell it as raw material.
To replace the oil completely by renewable energy in the GCC countries is not cost effective and far from reality because of the genuine availability of the oil and gas in the region. GCC governments are welcoming foreign investments especially in the oil and gas sector and Aramco privatization in Saudi Arabia is an indication.