| The Middle East’s oil export giants face a $1 trillion (£700bn) crunch over the next five years if oil prices remain at their post-slump levels, the International Monetary Fund has warned. A vicious oil price rout since last summer has seen the revenues of oil exporting nations eroded away, wiping out a combined $360bn in exports over the past year.
The IMF predicts that oil will average $52 a barrel this year - well below the $115 it fetched last June - indicating that many governments will struggle to make ends meet. The rise of conflict has delivered a second blow to the Middle East, North Africa, Afghanistan and Pakistan, or “MENAP” region. The IMF said that fighting in Iraq, Libya, and Yemen could spillover into neighbouring countries...............................................Full Article: Source
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