Bahrain’s economy may lose about 3 billion USD in 2016 due to oil falling prices

Bahrain’s oil export revenues will fall from 7,2 billion USD in 2015 г to 4,3 billion USD in 2016.
It is shown in International Monetary Fund (IMF) report released May 10, 2016.

Starting from 2014 г Bahrain’s oil export revenues will fall 70%, from 14,5 billion USD to 4,3 billion USD.

Today in Bahrain oil production reaches 200000 barr/day.
The biggest part of this volume – 150000 barr/day – is produced at Abu Saafa oil field, which Bahrain operates together with Saudi Arabia.
Overall output of the oil field is up to 300000 barr/day.
In addition Bahrain oil company VARCO exports more than 250000 barr/day of oil processed in oil products.

Low oil prices severely stunt economic growth of Balrain.
According to IMF the economic growth in the country will reach only 2,2% in 2016 compared with 3,2% in 2015.
The fiscal deficit of Bahrain has been nearly quadrupled to an estimated -13.4% of GDP in 2015 from -3.6% in 2014. It is expected to worsen to -14.3% of GDP in 2016, before a modest recovery to -9.2% in 2017.

Slump in oil revenues in Bahrain looks not so threatening compared to the economic breakdown faced by oil-exporting countries in Latin America.
In Venezuela the state budget depends 95% from oil export. For the last 6 years the country lost 4200% of oil revenues.
As of year- end in 2015 oil revenues of PDVSA fell for 40%, till 38,4 billion USD.
Such oilfield services companies as Schlumberger, Halliburton and Weatherford hold up their operations due to default in payments.
The situation in Brazil is not much better.

In March 2016 Petrobras reduced hydrocarbons production till 2,55 million barr/day and fiscal situation of the company is still crucial.
In Q4 2015 Petrobras absorbed the record loss of 36,9 billion reals (10,2 billion USD).