IMF: Mideast loses $270B oil income amid virus, recession
(WorldNews Business)

DUBAI, United Arab Emirates (AP) — The Middle East`s energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region`s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund`s outlook released Monday. The international lender expects an overall economic contraction of 7.3% in Mideast oil exporting countries this year due to hits from the coronavirus outbreak and oil market turmoil. The contraction is 2% greater than the IMF`s initial projections in mid-April. “We are in a year like no other and therefore developments are very fast and...