The most prominent beneficiary and affected countries of global drop in oil prices
The most prominent beneficiary and the affected countries of the global drop in oil prices
2/4/2016 0 Comments
Accept an economic report released a set list of the highlights winners and losers from the fall in oil prices on the Arab and international levels.
According to the «CNBC» Van Egypt topped the list of gainers on the Arab level with low and the country's imports of oil to $ 400 million a month after it had been $ 650 million a month, a decline amounted to 38.5 percent, the decline in oil prices encouraged those responsible for the Egyptian economy to target growth rates of 5 percent in 2016.
China and globally is the largest importer of oil in the world is the biggest gainers, with growth rates in the Chinese economy reached 6.9 percent in 2015, while India, which imports 75 percent of its oil, analysts says that falling oil prices will reduce the deficit in the current account.
And simultaneously, the fuel subsidy costs will be reduced by about $ 2.5 billion if prices continue as they are until the end of 2016.
The biggest losers Arab world: Saudi Arabia, and no doubt that all oil-exporting countries will be at a loss and vulnerability on many ways, but Saudi Arabia may be the most a deficit in the budget of 2016 reached 72 billion with the calculation of the price per barrel in the budget at less than $ 47 per barrel .
In addition to lower oil revenues to 72 percent of GDP of the Kingdom after it was 89 percent in the 2015 budget, while the December data indicated
The first exports in 2015 to about 7.4 million barrels per day, the bright spot of the matter is Saudi Arabia's ability to withstand the decline for a long time with a back-up funds for the Kingdom of about $ 700 billion.
The biggest losers globally: Russia, and on a global scale is Russia are the biggest losers from the fall in oil prices, where the oil and gas, about 70 percent of exports and lose Russia about two billion dollars of revenue with each dollar fall of oil prices, the World Bank warned that the Russian economy will shrink
About 2 percent less in 2016 if oil prices fell to below $ 20 a barrel.