Friday, August 19, 2022

The Oil Trillions

 Middle Eastern states are to land a $1.3tn (£1.09tn) windfall from extra oil revenues over the next four years, according to the International Monetary Fund. The IMF said it expected oil and gas exporters in the region, notably the Gulf states, to benefit from high prices and opportunities to ramp up their market share.

The windfall is expected to benefit some of the world’s biggest sovereign wealth funds including the Qatar Investment Authority, Saudi Arabia’s Public Investment Fund (PIF), the Kuwait Investment Authority and Abu Dhabi’s Mubadala and ADQ. Gulf states are expected to spend the proceeds of the oil boom on building huge infrastructure projects, as well as investing overseas.

Middle East states in line for $1.3tn windfall from extra oil revenues | Oil | The Guardian

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