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The IMF said energy rich states of Middle East states are set to reap up to $1.3 trillion in additional revenues over the next four years as Russia's war in Ukraine elevates prices for oil and gas, according to a Financial Times report on Friday.
Jihad Azour, IMF director for the Middle East and north Africa, told the Financial Times that relative to expectations before the war in Ukraine, the region’s oil and gas exporters, particularly Gulf states, will see additional cumulative oil revenues of $1.3 trillion through 2026.
This is sharply higher than revenue windfall estimates of $818 billion, the Fund had released in April, nearly two months into the conflict.
(Writing by Brinda Darasha; editing by Seban Scaria)
