The ongoing slide in global oil prices – catalyzed by the novel Coronavirus and fueled by structural issues including excess supply from oil giants like the U.S., Russia and Saudi Arabia, and slowing demand growth – is creating a new imperative for hydrocarbon revenue-dependent states to diversify their economies. This is particularly true for the oil and gas- producing nations of Central Asia led by Kazakhstan, Turkmenistan, and Uzbekistan, who are reliant on fossil fuel revenues to balance their budgets.
