![Secretary general of the Gulf Cooperation Council (GCC), Abdullatif bin Rashid Al Zayani (C) attends the closing session of the 37th Leaders Summit by GCC in Bahrain on December 7 2016 [Stringer /Anadolu Agency]](https://i0.wp.com/www.middleeastmonitor.com/wp-content/uploads/2016/12/20161207_2_20562693_16755474.jpg?fit=1200%2C725&ssl=1)
The Institute of International Finance has said that the debts of the Gulf States increased from $30 billion in 2014 to $220 billion in December 2019, the New Khaleej news website reported yesterday.
According to the news site, the increase is partly a result of their reliance on issuing Eurobonds over the past few years.
In its report, the institute expected the price of Brent oil to decrease by $10 in 2020 due to the decline in global demand. This, it added, will weaken the position of oil-producing countries in the Middle East and Africa.
Saudi Arabia said it will be increasing its oil production to 12 million barrels per day from April after an OPEC+ deal signed to stabilise prices comes to end.