Summary of Learning to Live with Cheaper Oil

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Low oil prices have brought profound and perhaps lasting changes to the economies of oil-producing countries in the Middle East and North Africa and in the Caucasus and Central Asia. According to regional experts at the International Monetary Fund, yawning budget deficits and slowing growth have replaced budget surpluses and economic expansion in these nations. getAbstract recommends this authoritative report on what’s next for these economies to executives, analysts and investors.

In this summary, you will learn

  • How low oil prices have affected the economies of oil-producing nations,
  • How these countries are making up for budget shortfalls and slower economic growth, and
  • Why encouraging private enterprise is increasingly critical in oil-dependent countries.

About the Authors

Martin Sommer et al. are members of the International Monetary Fund’s Middle East and Central Asia department.



New energy production in the United States, decelerating growth in China and recession in Russia, a strengthening dollar, increasing conflict across the Middle East, output restrictions by some nations, and rising Iranian oil exports have dimmed the fortunes of many oil producers. Affected economies in the Middle East and North Africa (MENA) and in the Caucasus and Central Asia (CCA) will continue to endure depressed oil prices. With futures markets pointing to prices of $50–$55 a barrel by 2020, relief is nowhere in sight.

Economic growth has slowed among many of the oil-exporting nations. In the Gulf Cooperation Council (...

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