Saudi riyal under pressure: Gulf markets in chaos as oil slumps

World Oil Reserves

Gulf debt and equity markets dropped on Tuesday. The Saudi currency, riyal, dropped on the forward market after U.S. crude oil futures plunged below $0 on a supply surplus caused by coronavirus. Combined with other economic strains triggered by the Covid-19 outbreak, plunging oil prices hurt the Gulf countries’ budgets. Which depend heavily on crude […]