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Main » 2015 » October » 21 » Oil prices. How long hold on the economies of the Middle East?
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Oil prices. How long hold on the economies of the Middle East?
 
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The IMF held its assessment of the Middle East and North Africa, and forecasts were disappointing. With such prices the economy is still withstand a maximum of 5 years.

 

 

 

This ruthless assessment of the slowdown of Petroleum Exporting Countries MENAP (Middle East, North Africa, Afghanistan and Pakistan), as well as the destabilizing effects on their economies of low oil prices. Despite the fact that the collapse in energy prices has become a positive thing for consumers in most countries, these savings on fuel money literally been taken straight out of the pockets of finance ministers of countries in the Middle East. 

Among all the countries in the region only to Qatar, Kuwait and the United Arab Emirates have sufficient financial buffers for a long period - each of the above countries can withstand the low oil prices for more than 20 years. But the situation in countries such as Oman, Algeria, Saudi Arabia, Bahrain, Libya and Yemen are more disturbing: the financial buffers of these countries are calculated only five years.

This is because the current price of a barrel of oil well below their "break-even budget" - the price at which their oil revenues led the State budget balance.

The collapse in oil prices - a coordinated work Petroleum Exporting Countries, with special support from Saudi Arabia and the Gulf countries. Their deliberate overproduction combined with the weakening of demand in the last year has reduced the price by half.

The consequences of this strategy spread around the world, boosting retail spending in Europe and pushing inflation below zero in different countries with developed economies. Nevertheless, the goal of this strategy was very simple - to oust American producers of oil from the world market.

According to the materials Weltrade

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