The drastic fall in oil prices over recent months is widely thought to have hit the Gulf's dominant producers hard as they battle with U.S. rivals.
But the CEO of one Middle East oil company argues that actually the opposite is true: the price rout has actually been good for producers in the region, forcing them to focus on diversification and efficiency.
"Despite being in the oil business, the somewhat lower oil prices… have actually been good for the region," Majid Jafar, CEO of Crescent Petroleum – the oldest private oil and gas company in the Middle East, headquartered in the United Arab Emirates – told CNBC Friday at the World Economic Forum summit in Jordan.
"It's been good for producers. It has refocused attention on economic diversification; better efficiency – to use less of your own production. We've been getting high on our own supply in many Gulf countries – and that will actually be better for the long term."
Meanwhile, oil importers in the Middle East had obviously benefited from lower prices, he said, as they have been able to make significant savings.