Middle East Oil Economies Desperately Need Higher Oil Prices

Big Oil is reporting strong first-quarter results thanks to higher prices, maybe making some shareholders think twice about the whole energy transition thing. But not everyone is happy. Despite the marked improvement in benchmark prices in recent months, Middle Eastern oil producers are expected to remain in the red this year. Abu Dhabi and Qatar are the only two exceptions that may book budget surpluses, Fitch Ratings said in a new report this week, as quoted by Reuters. The rest of the oil economies, however, will continue struggling with deficits…