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Energy companies in the Middle East reduced their borrowing by 26 percent in 2016 as an increase in oil prices late in the year provided revenue needed for exploration and production.Crude oil rallied 16 percent in the final three months of 2016 as oil producers from OPEC and 11 non-OPEC nations agreed to cut output this year. The J.P. Morgan Middle East Composite Index of the region's debt yield, an indication of borrowing rates, averaged 4.7 percent last year compared with 4.43 percent in 2015 .In contrast to industry, governments in the Gulf region increased borrowing following a halving of oil prices since 2014, forcing some of them to use foreign cash reserves.
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