The sustained low oil price has served as a wake-up call to GCC governments that fiscal consolidation is urgently needed. Subsidy cuts are already taking effect but many other reforms will be necessary in the coming years. Will the appetite for reform withstand any oil price gains?

Awash with petrodollars only a couple of years ago, times have certainly changed for the Gulf countries. Between June 2014 and February 2016, the international oil price plunged by 70% and the IMF forecasts that...