Financial Times FT.com

The global food crisis

Mideast reels as hunger outgrows oil earnings

By Javier Blas in London

Published: May 7 2008 02:22 | Last updated: May 7 2008 02:22

For years, food policy in the Middle East and North Africa was very simple: hydrocarbon exports paid for carbohydrate imports.

Rising agricultural commodities prices and a large population increase mean that the traditional policy is now untenable even if crude oil trades at about $120 a barrel, forcing countries in the region, including Saudi Arabia, to reconsider how it feeds its population.

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