However, the Middle East is a notable outlier, as higher oil prices boost export revenues, allowing countries in the region to import more. Iraq is a good example: in February, it had its best month in terms of crude oil revenues since 1972.”Increasing food prices and the spectre of civil unrestHowever, it isn’t just oil prices that have risen. Across the region, food price increases are paving the way for potential civil unrest. Mena looks eastIt isn’t only the Russia-Ukraine war that is changing the Mena region’s trade and investment relationships. Beyond oil tradeWhile increased oil demand and rising oil prices look set to boost the value of Asia-Mena trade, Mena’s numerous ‘Vision’ projects and economic diversification plans will also drive greater non-oil trade.

Source: The North Africa Journal June 09, 2022 15:12 UTC