- Kuwaiti Finance Minister Anas al-Saleh says Gulf Arab oil exporters will have to reform their state spending because of weak oil prices.
- "This must be undertaken through strengthening of efforts to diversify away from oil and decrease dependence on oil revenue, which is now inevitable," he says.
- Oil prices tumbled to four-year lows below $83/barrel this month.
- The IMF has estimated Saudi Arabia will need an average oil price of $90.70 a barrel in 2015 to balance its budget.
- Source: Reuters