(MENAFN- Arab Times) In this week's online poll, readers shared the ways in which the oil prices drop had affected them; the majority of the respondents shared that while they have not faced any immediate consequences, the economies of oil producing countries would be affected gradually.
According to the Organisation of Petroleum Exporting Countries figures, Oil and gas sector accounts for about 60 per cent of Kuwait's gross domestic product and about 95 per cent of export revenues.
31 percent of voters were wary of the gradual impact the downturn in oil prices would have on Gulf economies. "This slump in oil prices really underscores the great need for economic diversification in Kuwait today. If we are to survive and sustain our economy we need to change our business climate", a concerned national told the Arab Times. "I think the oil price fall together with the loss of the ability to produce 250,000 barrels a day on account of the dispute with Saudi Arabia and Chevron is worrying", a voter shared.
"I think a lot of people here are living in an insulated bubble of low productivity on account of the incentives and subsidies afforded by the government. When the government will eventually be forced to cut back, there is going to be a lot of public opposition", a reader stated. On the contrary, 19 percent of voters felt that no changes had taken place at a personal level. "It is business as usual in Kuwait. There is no observable difference in the standard of living or lifestyle of people. The malls are bustling, people are spending as usual", a reader pointed out.
17 percent were affected by job cuts in the oil industry and another 17 percent shared that the oil price drop had led to a decrease in spending by companies. Another 9 percent did not feel worried as no change would take place since the prices of byproducts of oil remain the same.
4 percent of voters felt that travel prices have become cheaper and another 4 percent foresee an increase in investment in solar energy.
According to figures by the Oxford Business group, Kuwait is behind most of its neighbours in seeking to harness solar energy, with Saudi Arabia setting the goal of generating 33 percent of its domestic power needs via solar energy within 20 years. Kuwait has outlined plans to generate 15 percent of its electricity requirements from renewable sources by 2030.
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