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The discovery of a reserve of more than 80bn barrels of shale oil in shallow waters off the west coast of Bahrain, first revealed on 1 April along with some significant new gas finds, could hardly have come at a better time for the Gulf Co-operation Council (GCC) region’s weakest economy. A few days earlier, the government had pulled a planned multi-tranche sovereign bond issue after being spooked by the high returns demanded by investors.
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