Analyst warns nations including Saudi Arabia, Venezuela and Kuwait have no other industries to rely on as oil bubble bursts
Many of the large oil-producing nations such as Saudi Arabia, Kuwait and Venezuela have squandered their chance to build strong and sustainable economies on the proceeds of high oil prices, a leading energy analyst has warned.
Fadel Gheit, an oil expert at the Oppenheimer & Co brokerage in New York, said prices at $90 a barrel had allowed nations to temporarily prosper without regard to the cyclical nature of commodity prices.