*OIL HAS NOW RISEN 80% SINCE JANUARY WHEN DAVOS BOSS KLAUS SCHWAB PREDICTED A BILLION PEOPLE COULD MOVE NORTH AS ECONOMIES DEPENDENT ON OIL COLLAPSE
Oil prices have risen above $50 a barrel, rising 80% since January to help stabilize the finances of economies in Africa, South America and the Middle East dependent on their income from oil exports.
The engineered collapse in the price of oil risked turning dozens of countries dependent on oil and other commodities into failed states, adding to economic pressures that could see hundreds of millions of people heading to Europe in search of a better future.
The plunge in oil prices nearly threw Saudi Arabia into chaos and forced the country to start a radical economic reform programme to generate revenues outside the oil sector.
In January, Globalist and Davos chairman Klaus Schwab warned that a collapse in oil and commodities prices could trigger the move of as many as a billion people north.
“As the crash in commodities prices spreads economic woe across the developing world, Europe could face a wave of migration that will eclipse today’s refugee crisis, says Klaus Schwab, executive chairman of the World Economic Forum.
“Look how many countries in Africa, for example, depend on the income from oil exports,” Schwab said in an interview ahead of the WEF’s 46th annual meeting, in the Swiss resort of Davos. “Now imagine 1 billion inhabitants, imagine they all move north.”