Persian Gulf producers, led by heavyweight Saudi Arabia, are finally feeling the pinch from the plunge in crude prices that is eating into the windfalls stashed away from the heady days of the oil market.
However, they are responding to the rout by pressing ahead with key projects to increase both oil and gas production.
“It’s a case of do more for less,” says a Dubai-based oil analyst, referring to rising output in the face of falling revenues.
“They
