High Commodity Prices Hit Middle East’s Oil Importers ...Middle East

While oil exporters in the Middle East enjoy a windfall of revenues from high oil and gas prices, oil importers in the region will struggle with high food, crude, and fuel prices, the International Monetary Fund (IMF) said on Tuesday. Following the war in Ukraine, commodity prices have surged, and the weak developing economies in the Middle East and North Africa, which are importers of oil and fuels, are feeling the pinch, Jihad Azour, the Director of the Middle East and Central Asia Department at the IMF, and Senior Economists Jeta Menkulasi and…

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