Oil-rich countries in the Middle East are reaping the benefits of soaring energy prices. Due to the high prices, the sale of oil will generate around 1.3 trillion dollars more than usual over the next four years. This is according to business newspaper FT based on calculations by the International Monetary Fund (IMF).
The calculations show how much Gulf states with large oil and gas reserves are benefiting from the war in Ukraine. In the West, the war causes skyrocketing inflation. These price increases increase the likelihood of a recession.
The IMF compared the situation before and since the war. The Institute concludes that the Gulf States will earn 1.3 trillion USD (twelve zeros) more from the sale of oil until 2026.
The fact that oil states are doing well in the face of high oil prices was already apparent last week. Saudi state-owned oil company Saudi Aramco – the largest oil company in the world-saw its second-quarter revenue increase by 90 percent compared to the same months last year.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.
