ANKARA/ISTANBUL

The low oil price environment in the global market is dragging the Middle Eastern oil-producing countries to collapse, whose economies are strongly dependent on crude oil production and exports.

Due to the novel coronavirus (COVID-19) keeping global oil consumption weak, and the oil price war between Saudi Arabia and Russia, crude oil prices are fluctuating below $30 per barrel since March 6 when OPEC and non-OPEC nations failed to reach an output curb deal.

Low crude prices are seriously threatening most oil-producing countries in the Middle East and North Africa (MENA) who need higher oil prices to balance their

Read more: Low oil prices drag Middle East economies to collapse