![An oil pump works in the moonlight Wednesday, Nov. 12, 2008, in the oilfields of Sakhir, Bahrain, in the Persian Gulf. Oil prices dropped below $57 a barrel Wednesday on fears of stagnating global growth. Oil prices have plunged more than 60 percent in four months despite two recent OPEC production cuts. (AP Photo/Hasan Jamali) *** Local Caption *** XHJ101_Mideast_Bahrain_Oil_Prices.jpg](https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/SM4DTGXMB4AYXIORA5RFYVWIKM.jpg?smart=true&auth=2ff4811e6255a9b8c2bead206bae1599b63937ab36a5a89ddf5d2235f43a5c65&width=400&height=225)
Opec+ deferred the increase at their annual meeting last month, taking into account lockdowns imposed across a number of developed nations. AP
Opec+ deferred the increase at their annual meeting last month, taking into account lockdowns imposed across a number of developed nations. AP
How Gulf countries can evolve their economies over the coming decades
The UAE and Saudi Arabia have been active bringing outside capital into their energy industries