(MENAFN) Oil exporting nations in the Middle East lost a USD 390bn in revenue due to lower oil prices last year, and will face more losses of more than USD 500bn this year.
Moreover, oil exporting countries in the region would see revenue losses of USD 360bn in 2015, but oil prices revenue dropped to USD 30bn more.
In addition, these countries will see revenues from oil exports fall more this year, to between USD 490bn to USD 540bn compared to 2014.
Saudi Arabia is still dependent on oil to finance their spending, though the kingdom has been working on plans to overhaul its economy.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.