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It was long assumed that the Gulf region's oil wealth would stave off the kind of unrest that has roiled Tunisia, Egypt, Yemen and Libya. Bahrain, however, has little oil compared with the regional crude titans that make up the other members of the six-nation Gulf Cooperation Council. BAPCO produces 250,000 barrels per day. Before the political unrest, the company employed 3,000 people. According to Bahrain's Chamber of Commerce assessment, the general economic conditions in the kingdom "are very difficult." International ratings agencies have either downgraded or warned about cuts to its ratings. The island's tourism industry has been hit the hardest, a recent statement by the Chamber said, adding that tourism revenue has fallen "by about 80 percent," losses estimated to be in the hundreds of millions of dollars. Much of Bahrain's tourism comes from neighboring Saudi Arabia, which has dispatched troops to the kingdom to help the Sunni monarchy crush the uprising.
[Associated
Press]
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