Top oil producers started a crucial meeting on 09-04-2020 (Thursday) to discuss a possible cut in output after a collapse in demand due to the COVID-19 and a Saudi-Russian price war caused the market to crash. Oil prices rose sharply as the meeting opened, extending earlier big gains, but then fell back again later to post more modest gains as nervous traders took profits. As the future remain locked and oil-outp production has decreased in the wake of the COVID-19 pandemic, the stakeholders of oil industry - producers, sellers, middle-man and customers are wondering what the future holds for their industry and whether there would be a return to normal in a post-COVID-19 world. Experts warn that without concerted action the commodity risks a steep sell-off.

a)Critically evaluate the impact of COVID-19 on the oil industry in Bahraineconomy

b)In your view explain how COVID-19 and fall in oil price would adversely affect Bahrain economy?

c)How should the Kingdom of Bahrain, government respond?