IMF finds oil producers in the Middle East and North Africa feeling economic pain from weak crude oil market. Photo by Christopher Halloran/Shutterstock Revenue losses for oil producers in the Middle East and North Africa could reach $300 billion because of price declines, the International Monetary Fund said. Oil prices are down around 50 percent from the June 2014 highs. The decline means a source of de facto stimulus for countries that rely in oil imports, but is problematic for those that rely on oil exports for most of their government revenues . Masood Ahmed, director of Middle East programs at the IMF, said Middle East and North African oil producers are expected to be out about $300 billion, or 21 percent of their collective gross domestic product, because of the steep decline in oil prices. In the short term, most oil producers will draw on financial reserves to […]