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IMF: Downside risks 'considerable' for MENAP oil producers

11/07/2011
Oil producers from the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) could be facing a decline in export revenues due to the continuing US fiscal crisis as well as debt struggles in Europe, according to a report by the International Monetary Fund. "Looking ahead, MENAP oil exporters face considerable downside risks," the report said. The report said the most immediate would be the "direct and widespread impact" of a sharp global slowdown resulting from a lack of effective action to confront debt and fiscal issues in Europe and the US. It also said, "A downturn in key emerging market trading partners, and further political unrest in the region, could...
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