Oil exporting nations in the Gulf will have to reform spending due to the decline in oil prices, according to Kuwait Finance Minister Anas al-Saleh.

“We must undertake comprehensive economic reforms including the reform of imbalances in public finances,” said Saleh speaking at a meeting in Kuwait on 25 October.

Crude prices have entered a bear market, seeing a downturn of more than 20 per cent, as Saudi Arabia and other producers cut export prices.

The price of WTI Crude dropped as low as $80.5 a barrel on 24 October, down from highs of nearly $108 in June.