Oil-producing nations located in the Middle East and North Africa are struggling with their economies, most of which are not diversified enough to offset the losses caused by falls in the price of crude.
A quick check shows that the current price of a barrel of crude oil – which is about 160 litres – is just above $40, which is significantly lower than certainly Arab countries need it to be.
According to the Economist, Algeria needs the price to be about $157 a barrel, while Oman wants to get to at least $87. [Read more…] about Oil-producing nations struggling with economic woes as society shifts towards electric movement
