Deadly Israeli airstrikes pound Gaza as Doha talks raise hopes for ceasefire    Egypt accelerates coastal protection projects amid rising climate threats    Egypt's PM calls Israeli war on Gaza 'most dangerous crisis' at BRICS summit    Egypt's FinMin urges BRICS to support debt sustainability    Egypt's gold prices up on July 6th    Venezuela vows to uphold sovereignty on 214th independence anniversary    ADIB Egypt publishes second sustainability report for 2024    Egypt, Saudi FMs discuss Gaza truce, Iran-Israel tensions    Over 215,000 projects funded under Mashrouak, exceeding EGP 33bn in May: Minister    Egypt, Norway hold informal talks ahead of global plastic treaty negotiations    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    UN conference cites Egypt's 'NWFE' programme as model for development finance    Global tour for Korean 'K-Comics' launches in Cairo with 'Hellbound' exhibition    China's factory output expands in June '25    Philip Morris Misr announces new price list effective 1 July    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt's FM, China's Wang discuss Iran-Israel escalation    Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Grand Egyptian Museum opening delayed to Q4    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    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    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    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.