Bahrain Mirror (Reuters): Credit rating agency Standard & Poor's signalled on Friday that oil-exporting countries face fresh downgrades as crude prices fall further and that it could repeat last year's move when it made a big group of cuts all at once.

Bahrain Mirror: The Head of Al-Wefaq Society's Political Department Abduljalil Khalil stressed that Mumtalakat Co. which comprises of around 40 Bahraini companies contributes only USD 50 million to the state budget.

The former Secretary-General of the Nationalist Democratic Society, the economic researcher Hassan Al-Aali considered that the real cause of the economic crisis “is the failure that lasted for four decades, since the rise of oil prices and the failure of diversifying the sources of income and state budget.

The International Monetary Fund (IMF) stated that Bahrain would not be on the list of beneficiaries of lifting international sanctions on Iran.

The General Federation of Workers Trade Unions in Bahrain (GFWTUB) said that the government’s decision to raise gasoline prices violates both the text and spirit of a principle confirmed by the constitution, which is not resorting to steps that would rest additional financial burdens on citizens.

The Bahraini national democratic opposition forces warned of the negative consequences of lifting subsidies on basic commodities and the economic and financial deterioration on the citizens’ purchasing capabilities, the shifting of citizen classes to poverty line and continued dwindling of the middle class.

A Member of of the Bahraini Parliament blamed Iran for the drop in international oil prices and for the economic crisis that the Kingdom of Bahrain and Gulf oil exporters are facing.

Bahrain Mirror: Bahrain’s oil prices crossed an unexpected limit to reach the USD 20s category in the “worst case scenario”. It is expected to reach USD 25 per barrel if no big changes occur in global markets.

Bahrain Mirror: Bahrain’s Cabinet decided in its meeting held on Monday, January 11, 2016 to immediately raise gasoline prices. The decision will be put into effect as of tomorrow (Tuesday, January 12, 2016).

Bahrain Mirror: The average price of Bahrain crude oil, categorized as Arab medium oil, dropped to USD 33 per barrel in international markets during the week between 7 and 11 December, 2015, according to Bapco.

Bahrain Mirror: The Bahraini Finance Minister Ahmad bin Mohammad Al Khalifa, before the appointed Shura council during its meeting, claimed that the drop in oil prices wasn’t “surprising to us,”

Bahrain Mirror: The first deputy president of the Bahraini Shura Council, Jamal Fakhro, said on Sunday (December 20, 2015) that "the current prices of oil will not cover the salaries and wages in Bahrain."

Bahrain Mirror: Chairman of Bahrain’s Shura Committee on Finance and Economic Affairs Khalid Al-Maskati said that the decrease in oil prices to less than 60 dollars exposes the general budget to challenges.