In this article I will outline the important financial themes that I see for the GCC for this year. It starts with oil, which is at about US$38 per barrel. Estimates for the break-even price for shale oil production vary, but the consensus appears to be at least $60. Examining these two pieces of information, it becomes hard to understand the crowd who believe that Saudi Arabia is trying to crush shale oil. The oil price is about $19 below where it needs to be to achieve this objective. For Saudi Arabia, which pumps 10 million barrels of oil per day, that is about $200m a day of unnecessary loss in this scenario, or an unnecessary loss of $73 billion a year.