US, Gulf To Work Together To Deal With Low Oil Prices

The United States and Gulf oil producers have joint hands to launch a new high level economic dialogue with a focus on adjusting to lower oil prices, economic ties and supporting GCC reforms. The world’s biggest oil exporter, and its petroleum-rich neighbors have been forced to cut subsidies and adopt other measures to deal with deficits caused by plunging oil prices, which make up the bulk of their revenues.