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  • 05-04-20

    Low oil price in global market to cause breakdown of Middle Eastern oil-producing countries

    (MENAFN) The low oil price environment in the international market is bringing the Middle Eastern oil-producing countries to breakdown, whose economies relay on crude oil production and exports.


    Because the COVID-19 is keeping global oil usage weak, and the oil price war among KSA and Russia, crude oil prices are hovering below USD30 for each barrel since March 6 when OPEC and non-OPEC nations failed to reach an output curb agreement.


    Low crude prices are affecting most oil-producing countries in the Middle East and North Africa who need higher oil prices to balance their budgets.


    Data from global rating agency Fitch Ratings showed that, Nigeria needs a breakeven price of USD144 for each barrel of Brent crude on average to balance its government balance 2020, while Bahrain requires USD96 per barrel.

    MENAFN0504202000450000ID1099971126

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