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The six countries of the Gulf Cooperation Council (GCC) are expected to lose around $300bn in revenues from oil and gas exports this year because of the steep decline in prices, the IMF says.
The IMF, in its six-monthly update of its Regional Economic Outlook (REO), released this week, says that while the Gulf’s key oil exporters will feel the heat from the more than halving of oil prices from $110/B in June 2014 to $45-50/B now, the region’s oil importers will benefit from lower energy import bills, which could help governments, producers and consumers.
But, despite the collapse in revenue, which the IMF projects at around $300bn for the six GCC countries combined for 2015, the IMF advises oil exporters to avoid abrupt spending cuts. At the same time it urges importers to treat savings from lower prices as transitory. (CONTINUED - 608 WORDS)
DATA INSIDE THIS ARTICLE
|table||Imf’S Latest Gdp Growth Projections (%)|