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. (CONTINUED - 608 WORDS)