Counting the Cost

Is this the end of the Middle East’s oil rush?

Crude oil exporters are struggling to balance budgets with low oil prices. Plus, South Africa could face a debt crisis.

Oil revenues in the Middle East and North Africa fell from more than $1 trillion in 2012 to $575bn in 2019, according to the International Monetary Fund.

The pandemic has meant demand for fossil fuels has been decimated and may not return. Have oil-exporting countries done enough to diversify their economies?

Plus, what has gone wrong for South Africa? It emerged from the 2008 financial crisis in a strong position. Now, it faces a debt crisis.

And, is Uber running out of road as its business model is challenged in courts around the world?