Abu Dhabi - Mubasher: All oil-producing countries should work to control their finances and increase revenues in the light of the continuing decline in oil prices, according to managing director of the International Monetary Fund (IMF), Christine Lagarde, on Monday.
Lagarde told reporters during a visit to Arab Monetary Fund in Abu Dhabi that oil prices will remain low for a longer period than expected, as they are less than two-thirds of their value 18 months ago.
She added that IMF statements last year showed that oil-producing countries in MENA lost about $340 billion from their revenues, or 20% of GDP.
Meanwhile, oil prices tumbled by 70% from their highest level in June 2014 at $104 a barrel, compared to their current levels of $30 a barrel.
