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World


IMF projects Middle East oil exporters to lose over $270Bln in revenues in 2020 - Official

Moscow, July 13 (Sputnik) - The Middle Eastern oil exporting countries, particularly the members of the Gulf Cooperation Council, are forecast to lose over
270 billion in revenues this year due to the energy crisis, Jihad Azour, director of the International Monetary Fund’s Middle East and Central Asia Department, said on Monday.
"In 2020, we saw a massive drop in oil price to levels that we didn’t see in the last two decades. In real terms, we reached rates that we haven’t seen see since 1973. Therefore, this had with the OPEC+ cuts in production, had very strong impact on oil revenues. We project that oil revenues for oil exporters, in particular, GCC, to drop by more than
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