Oil export losses to reach $300 billion in Middle East

Oil prices are now hovering near six-year lows amid expectations of an abundance of supply tied to unexpectedly high production of U.S. shale crude. (Shutterstock)

Losses from lower oil exports should sap up to $300 billion from economies in the Middle East and Central Asia this year, as countries in the region adjust to falling crude prices, the International Monetary Fund said on Wednesday.

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, the IMF said in an update to its outlook for the Middle East and Central Asia.
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Source News: Alarabiya