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Low oil price may hit infrastructures
- United Arab Emirates: Saturday, November 22 - 2008 at 09:00
Lower oil price could affect a number of infrastructure projects in the Gulf, according to analysts, Gulf News has cited. Seen as the bread and butter of Middle Eastern countries, steep decline in oil prices is translated as lower windfall gains and lower foreign exchange reserves that could eventually mean lower spending on infrastructure projects in the coming months. But the a $50 per barrel price is seen as a good news for consumers if retail prices of gasoline products are adjusted downwards.
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Medilyn Manibo, Assistant News EditorSaturday, November 22 - 2008 at 09:00 UAE local time (GMT+4)
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