(MENAFN) Losses from lower oil exports should sap up to USD300 billion from economies in the Middle East, as countries in the region adjust to falling crude prices, The Peninsula Qatar reported.
Economies that are particularly dependent on oil exports, including Qatar, Iraq, Libya and Saudi Arabia, will be hit hardest by the more than 50 percent decline in petroleum prices.
Oil prices are now hovering near six-year lows amid expectations of an abundance of supply tied to unexpectedly high production of US shale crude, the International Monetary Fund said.
The losses are likely to reach 21 percent of GDP in the GCC countries, or about USD300 billion. In non-GCC countries and in Central Asia, the expected losses are USD90 billion and USD35 billion this year.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.