Egypt detects 818 new coronavirus infections; 42 deaths on Monday    Tatweer Misr signs EGP 3.2bn worth investment contracts for Bloomfields educational zone    Egypt prepares for launching its 1st mobile notary public    Water wars    The endangered River Nile    Egypt highlights anti-climate change efforts during Spring Meetings    GERD: All options open    Don't miss AUC's Lions of Cairo ensemble concert    Egypt's external debt increases to $129.2bn in 2020: CBE    Prominent American rapper and actor DMX dies at 50    Tehran vows revenge    Al-Sisi, Lavrov address bilateral cooperation, Ethiopia's disputed dam    Narrative Summit launches 1st episode of Reshaping Norms 2021    Russia offers technical assistance in Nile dam negotiation: Lavrov    2021 Copenhagen Documentary Festival to launch Big Digital Live Platform    Paris to launch first int'l modern and contemporary art fair dedicated to Middle East, North Africa    Syrian air force may have dropped chlorine bomb on town in rebel area in 2018: Chemical arms watchdog    Egyptian artists honoured at Cairo Opera House for taking part in Golden Parade    Lebanese minister expands claim in maritime area dispute with Israel    Abu Dhabi's ADNOC, Dutch-listed OCI weigh IPO of fertiliser joint venture: sources    Karnak Int'l hospital in Luxor to turn into key medical tourism destination in Egypt: Health minister    IMF increases its expectations for MENA economy to 4% in 2021    Russian FM says Egypt is main partner in Middle East, Africa    Macro Group delays Egypt IPO plans    Hotels in Egypt open at half capacity, have 40-45% occupancy rates in Q1    Bayern Munich, Liverpool needing comebacks to reach CL semifinals    Borussia Dortmund's Sancho back in training before City clash    Australia abandons COVID-19 vaccination targets after new advice on AstraZeneca shots    Cleopatra Hospitals, Nahda University sign EGP 7.4m MoU for joint scholarship programme    Egyptian-African Relations Committee discusses strengthening Egypt's stance in Africa    Egypt will not allow internal water crisis due to Ethiopian dam: Water Minister    Egypt's Public Prosecution announces results of investigations into Sohag train crash    Egypt's Trezeguet injury worries Aston Villa Coach Dean Smith    Egypt's hotels, open at half capacity, had 40%-45% occupancy rate in Q1 2021: official    Egypt sees an uptick in new coronavirus infections registers 801 new cases on Saturday    Bibliotheca Alexandrina launches hieroglyphics programme for primary school teachers    Ethiopia invites Egypt, Sudan to nominate operators in data exchange on GERD's 2nd filling    PMI moves towards a smoke-free transformation, takes part in a webinar on e-cigarettes    Zamalek's Shikabala nominated for best goal in CAF Champions League    Egypt's national youth fencing team achieves world glory    Karate Federation celebrates success of Egypt Cup    Egypt's President warns of grave consequences of water crises in Africa    Allianz Egypt partners with IGNITE to equip brand ambassadors for 2021 Olympics    Hassan Allam consortium wins contract to manage, operate Grand Egyptian Museum    Enhanced Labs signs Mr. Olympia 2020 "Big Ramy" And His Trainer Dennis James    King Tutankhamun funerary mask is must-see tourist icon: The Telegraph    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    Egypt, Ethiopia, Sudan to resume Nile dam talks today    

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.