WASHINGTON (Sputnik) — Economic prospects in the Middle East have been undermined by lower oil prices and domestic disagreements, the International Monetary Fund (IMF) said in its Global Prospects and Policy Challenges report released on Wednesday.
"Lower oil prices and domestic strife in several economies have weakened prospects for the Middle East," the report stated.
Global oil prices dropped from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003, largely because of prolonged global oversupply and weak demand.
To address the issue of declining revenues, Russia, Saudi Arabia, Qatar and Venezuela held talks on February 16 in the Qatari capital of Doha, and agreed to freeze output at the January levels if other countries followed suit.
The proposal was later backed by Ecuador, Algeria, Nigeria and Oman.
