A research institute predicted that oil prices would remain in the range 61 $ to 65 $ per barrel this year.
According to the Gulf Times newspaper, the Research Center Institute announced that the world crude oil price is projected to be in the range for 61 $ to 65 $ the year, with little difference from 2019.
As the outlook for oil prices shows that GDP growth will be lower, government development spending in the Gulf region is expected to be allocated to the non-oil sector.
However, investors are concerned that rising oil prices cause the neglect of economic reform sector.
