China's PBC issues 418.5b yuan off reverse repo    Finance Ministry presents three new investor facilitation packages to PM to boost investment climate    Egypt, Bahrain explore deeper cooperation on water resource management    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    African trade ministers meet in Cairo to push forward with AfCFTA    Egypt's President, Pakistan's PM condemn Israeli attack on Qatar    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Madrid trade talks focus on TikTok as US and China seek agreement    Egypt wins Aga Khan Award for Architecture for Esna revival project    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Global oil prices to record $41 bps in 2020, up to $46 bps over 2021: IMF
Published in Ahram Online on 13 - 10 - 2020

Global oil prices are expected to stand at $41 bpd until the end of 2020 and to jump to $46 bpd over 2021, said Economist and Director of the Research Department at the International Monetary Fund (IMF) Gita Gopinat.
Gopinat made the comments in response to a question from Ahram Online during a press briefing held on Tuesday to release the Global Economic Outlook (WEO) report on the IMF projections for global oil prices after the recent cut in oil production.
According to the report, oil prices declined by 60 percent between February and April 2020 as the pandemic led to a collapse in global oil demand and concerns about storage capacity.
In March, OPEC+ (Organisation of the Petroleum Exporting Countries, including Russia and other non-OPEC oil exporters) could not agree on supply cuts to restore order to the market, but as the oil price fall intensified in mid-April, the cartel decided to curb production by 9.7 million barrels a day in May and June (later extended until July) by 7.7 million barrels a day until December 2020, and by 5.8 million barrels a day until April 2022, according to the report.
Gopinat stressed that the MENA region is among the regions hit significantly by the pandemic and by the cuts in oil production.
She added that the region needs to adopt smarter and more targeted lockdowns and to expend in hygienic procedures and to implement social distancing in a way that keeps people safe and at the same time does not affect economic activity.
In this regard, Deputy Director of the Research Department at the IMF Gian Maria Milesi-Ferretti said that the region is experiencing a tragic crisis and an economic decline, as the WEO report predicts the region's economic growth to contract by 4 percent in 2020, which is a significant drop.
Milesi-Ferretti told Ahram Online that maintaining support policies is essential for the region's macro economy and for its recovery.
Gopinat said that developing a vaccine in the near future would add about $9 trillion to the global economy, while expanding in green investment is expected to create millions of jobs and accelerate the recovery.
She added that investing in digital transformation and health will also lead to a sustainable and inclusive global recovery.


Clic here to read the story from its source.