Egypt, Saudi Arabia coordinate on regional crises ahead of first Supreme Council meeting    FRA launches first register for tech-based risk assessment firms in non-banking finance    Egypt's Health Ministry, Philips to study local manufacturing of CT scan machines    African World Heritage Fund registers four new sites as Egypt hosts board meetings    Maduro faces New York court as world leaders demand explanation and Trump threatens strikes    Egypt identifies 80 measures to overhaul startup environment and boost investment    Turkish firm Eroglu Moda Tekstil to invest $5.6m in Egypt garment factory    EGX closes in red area on 5 Jan    Gold rises on Monday    Oil falls on Monday    Al-Sisi pledges full support for UN desertification chief in Cairo meeting    Al-Sisi highlights Egypt's sporting readiness during 2026 World Cup trophy tour    Egypt opens Braille-accessible library in Cairo under presidential directive    Abdelatty urges calm in Yemen in high-level calls with Turkey, Pakistan, Gulf states    Madbouly highlights "love and closeness" between Egyptians during Christmas visit    Egypt confirms safety of citizens in Venezuela after US strikes, capture of Maduro    From Niche to National Asset: Inside the Egyptian Golf Federation's Institutional Rebirth    5th-century BC industrial hub, Roman burials discovered in Egypt's West Delta    Egyptian-Italian team uncovers ancient workshops, Roman cemetery in Western Nile Delta    Egypt, Viatris sign MoU to expand presidential mental health initiative    Egypt's PM reviews rollout of second phase of universal health insurance scheme    Egypt sends medical convoy, supplies to Sudan to support healthcare sector    Egypt sends 15th urgent aid convoy to Gaza in cooperation with Catholic Relief Services    Al-Sisi: Egypt seeks binding Nile agreement with Ethiopia    Egyptian-built dam in Tanzania is model for Nile cooperation, says Foreign Minister    Al-Sisi affirms support for Sudan's sovereignty and calls for accountability over conflict crimes    Egypt flags red lines, urges Sudan unity, civilian protection    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    UNESCO adds Egyptian Koshari to intangible cultural heritage list    Egypt recovers two ancient artefacts from Belgium    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    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.



Commodity prices to decline by 3% in '24 – World Bank
Aya Anwar Published in Amwal Al Ghad on 28 - 04 - 2024

The World Bank projects a 3 per cent decline in commodity prices for 2024 and an additional 4 per cent drop in 2025, though they are expected to remain 38 per cent above 2015-19 averages, according to their outlook report for April.
Energy prices are set to decrease by 3 per cent in 2024 and another 4 per cent in 2025, driven by significant declines in coal and natural gas, while oil prices are anticipated to rise to $84/bbl in 2024 due to geopolitical tensions and supply-demand balance, then trend lower to $79/bbl in 2025 as supply conditions improve.
Oil production is forecasted to increase by 0.8 mb/d in 2024, mainly from the US, while OPEC+ production is expected to decrease. Moreover, consumption is projected to rise by 1.2 mb/d in 2024, primarily in emerging markets.
In 2025, oil demand growth is expected to slow, leading to higher production and inventories.
European natural gas prices are expected to fall by 28 per cent in 2024 before rebounding slightly in 2025, while US natural gas prices will decline in 2024 but will rise sharply in 2025 due to increased exports. Coal prices are forecasted to decrease significantly in 2024-25.
The report also indicted that non-energy commodity prices are predicted to decrease by 2 per cent in 2024 and an additional 3 per cent in 2025.
Agricultural prices will soften due to increased supplies and moderating El Niño conditions, leading to declines in food commodity prices by 6 per cent in 2024 and 4 per cent in 2025. While, Agricultural raw material prices are forecasted to remain stable, while fertilizer prices will likely continue to decline.
Beverage prices, driven by supply constraints on Robusta coffee and cocoa, are expected to retreat in 2025.
The report also indicates key risks include further conflict escalation, particularly in the Middle East, which could impact energy markets and drive up prices for natural gas, food, and fertilisers.
Moreover, geopolitical tensions, including Russia's invasion of Ukraine, could also affect staple food supplies.
Download

Clic here to read the story from its source.