Middle East Producers Expect To Bank Additional $1.3 Trillion From Oil Exports

The major oil exporting countries in the Middle East are expected to receive an additional $1.3 trillion from oil by 2026, thanks to high oil prices and the global oil market turmoil after the Russian invasion of Ukraine, according to the International Monetary Fund (IMF). The Gulf states in particular are set for “additional cumulative oil revenues of $1.3tn through 2026,” Jihad Azour, IMF director for the Middle East and North Africa, told the Financial Times this week. According to IMF experts, the oil revenue bonanza will bolster…