What do higher oil prices mean outside of the Gulf?

The Gulf countries will be among the biggest winners globally from the recent rally in energy prices but most other parts of the Middle East and North Africa are net oil importers and are likely to be negatively affected. Higher energy prices will push up inflation or, in those countries with subsidy systems, add to pressures on public finances. Meanwhile, all else being equal, current account deficits could widen by an average of nearly 2%-pts of GDP next year if oil were to remain at $85pb. This could lead to downward pressure on currencies and make it more costly to service external debts – this could prove to be the most damaging in Tunisia and force the government to default on its debts.