The Gulf states (Saudi Arabia, Kuwait, the United Arab Emirates, Oman, Bahrain, and Qatar) continue to face much volatility in the global oil market. In recent years, the price of a barrel of OPEC oil (the OPEC basket price) has declined from an average of $106 in 2013 to $96 in 2014, $50 in 2015, and $41 in 2016.