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The Guardian - UK
The Guardian - UK
Business
Alex Lawson Energy correspondent

Middle East states in line for $1.3tn windfall from extra oil revenues

Oil Middle East Jihad Azour Saudi Arabia Gulf PIF Saudi Aramco
Saudi Aramco's Ras Tanura oil refinery and terminal in Saudi Arabia
Saudi Aramco's Ras Tanura oil refinery. The oil and gas sector is in flux following Russia’s invasion of Ukraine. Photograph: Ahmed Jadallah/Reuters

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 on Friday 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.

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