Surging Oil Is Budget Boon for the Middle East’s Exporters
This article is for subscribers only.
Oil’s surge has pushed crude above the break-even level for almost all the Middle East’s producers, raising the prospect of significant budget surpluses for even the weakest economies if prices remain high.
Russia’s invasion of Ukraine lifted crude prices over $105 a barrel for the first time since 2014, extending gains earlier propelled by economies around the world reopening after coronavirus lockdowns.