The Middle Eastern countries may receive an additional $1.3 trillion in oil and gas revenues by 2026. It writes the Financial Times, citing data from the International Monetary Fund (IMF).

“Oil and gas exporters in the Middle East will receive such additional aggregate revenues by 2026 compared to projections before the events in Ukraine,” said Jihad Azur, director of the IMF’s Middle East and North Africa Department.

Oil revenues by year

According to him, the additional revenues should be directed to investments, such as in innovative technology, health care and green energy.

The newspaper pointed out that the largest sovereign wealth funds in the world are state funds of Saudi Arabia (PIF), Qatar, Kuwait and the UAE. They bought up stakes in troubled companies to take advantage of the ever-changing market. As a result, Saudi Arabia, along with other countries that export oil, will be one of the main beneficiaries of high oil prices. In addition, the country will record a budget surplus of 5.5% of GDP for the first time since 2013.

On August 16, Bloomberg reported that oil supplies from Russia to Asia continue to fall below the 2 million barrels per day figure, which was the lowest since March.

Earlier we reported that experts named the main reasons for the increase in gas prices in the European Union.