Agoracom

The International Monetary Fund, research department published its yearly review of the region known as “Middle East and Central Asia,” which includes, among others, all oil-exporting Arab-Muslim countries: Algeria, Bahrain, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Syria, and the Persian Gulf Emirates. It’s a fascinating report – and for Israeli eyes, also a scary one.

The main findings are as follows: Oil-exporting Mideastern countries earned roughly $600 billion from oil and gas exports. In the years 2003-2006, the export revenues of these countries totaled about $2,100 billion.

This year, export revenues of Middle Eastern oil-rich nations will reach another $700 billion; should the price of oil reach $100 dollars a barrel, the revenues will leap forth to $850 billion. Next year, in 2008, the Arab-Muslim Mideast’s oil revenues will cross the $1,000 billion mark. We should remember this number: One thousand billion dollar revenues from oil and gas exports in one year

What is the expensive oil doing to the Mideastern economy? Its change its face completely. Since the oil prices revolution started, the per capita product there has been doubled, Arab governments paid off all their debts, the stock markets skyrocketed, poverty was cut down by a quarter, life expectancy rose by at least six years, accessibility to water and electricity has reached 90% of the population, and the natural growth rate has declined by the “most impressive rate in the world.”