Low oil prices will have major consequences for the oil-rich Gulf States

oil-rich Gulf StatesA salesman counts money at a jewellery shop at the gold market in Riyadh. Photo: REUTERS/Stringer

Low oil prices meant a loss of income of over 3.200 billion kroner for the oil-rich Gulf states last year , and this year the losses will be even bigger, the International Monetary Fund predicts.

IMF predicts that the oil-exporting countries in the Middle East will experience a loss of income of between 4.000 and 4.450 billion NOK this year.
While oil prices in the summer of 2014 were at $ 115 a barrel, they were in January this year down to only 30 dollars a barrel, which has lead to serious consequence for countries with few other resources or products to export.

Source: NTB scanpix / Norway Today

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