While oil exporters in the Middle East enjoy a windfall of revenues from high oil and gas prices, oil importers in the region will struggle with high food, crude, and fuel prices, the International Monetary Fund (IMF) said on Tuesday. The IMF expects oil prices to average $107 per barrel this year, up by $38 a barrel from the average last year. “Commodity price increases will also have a significant negative impact on oil importers’ external accounts. “The oil windfall would help cushion the war’s effect on oil exporters,” the IMF said in the outlook released last month. “Oil exporters will see better prospects because of higher oil production in line with the Organization of Petroleum Exporting Countries and other major oil producers (OPEC+) agreement, higher-than-expected oil prices, and successful mass vaccination campaigns in several countries,” the fund noted.

Source: The North Africa Journal May 24, 2022 17:01 UTC