IMF says oil-exporting nations in Middle East, Asia to gain from higher output

Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, warns against oil price slowdown on lower demand and higher trade tensions

Regional oil exporters are benefiting from higher oil production as well as increased public investment and implementation of structural reforms as part of economic diversification efforts, said Jihad Azour, Director of the IMF's Middle East and Central Asia Department.

Lower commodity prices, a rebound in tourism and stronger remittances have helped improve growth among oil importing states, with improved access to financial markets and moderating inflation providing support.

"The outlook this year reflected a resilience, despite the fact that we live in elevated global uncertainty and a situation where trade tariffs affected most of the world and the geopolitical tensions are still there," Jihad Azour, director of the IMF's Middle East and Central Asia department, told Reuters.

Azour warned that risks remain, including the possibility of a decline in oil prices if global demand slows, increased trade tensions, and higher global inflation rates, despite a limited improvement in the geopolitical situation in recent weeks.