(World Oil) – Suriname, which is on the verge of becoming a major South American energy producer, is ruling out more borrowing against future oil production, according to its finance minister. TotalEnergies SE and APA Corp. earlier this month announced a $10.5 billion offshore project that will begin pumping crude as soon as 2028. Minister of Finance and Planning of
Oil Price Gulf Cooperation Council (GCC) economies will grow at a considerably slower clip in the current year due to the ongoing oil production cuts, with Saudi Arabia’s economy among the hardest hit, a Reuters poll of economists has predicted. A poll of 24 economists taken July 8-22 has predicted that Saudi Arabia’s economy will expand 1.3% in the current year,
Oil Price The International Monetary Fund (IMF) has downgraded its growth forecast for the Saudi economy due to ongoing oil production cuts by OPEC+. The IMF now sees 2024 growth clocking in at just 1.7%, nearly a percentage point lower than its earlier projection of 2.6%. The effects of the cuts are expected to spill over into the coming year,
World Oil (Bloomberg) – The International Monetary Fund expects OPEC and its partners to start increasing oil production gradually from July, a transition that’s set to catapult Saudi Arabia back into the ranks of the world’s fastest-growing economies next year. “We are assuming the full reversal of cuts is happening at the beginning of 2025,” Amine Mati, the lender’s mission
Oil Price This weekend, the chief executive of BP, Bernard Looney, said that the world needs to invest in more oil and gas production. Just two years ago, such a statement from Looney would have caused a shock. The then-new CEO of the supermajor had wholeheartedly embraced the energy transition and had big plans for BP’s expansion into virtually every facet
US News LONDON -Oil prices fell in volatile trading on Tuesday on demand concerns after the International Monetary Fund (IMF) reduced its economic growth forecasts and warned of higher inflation. Brent crude was down $3.94, or 3.4%, to $109.22 a barrel at 1338 GMT, having risen more than $1 to $114.21 earlier in the session. U.S. West Texas Intermediate crude
CNBC The International Monetary Fund revised its growth forecasts for the Middle East and North Africa downward again amid an “unusually high level of uncertainty,” according to its latest regional economic report. It now expects MENA economies to contract 5.7% in 2020. In April, it predicted that the region would shrink 3.3% for the year. “The unusually high level of uncertainty regarding the length of
CNBC WASHINGTON — The beaten-down banking sector will remain under pressure through 2025 even as the economy recovers, the International Monetary Fund said Friday. In its latest “Global Financial Stability Report,” the IMF found banks across nine advanced economies will struggle to generate profits over the next five years as the coronavirus pandemic causes a sustained period of low interest rates. The Fund said
CNBC Global oil demand will peak around 2040 – or “much sooner” – the International Monetary Fund (IMF) said in a new report on the future of oil. The IMF said that this could have a “significant” impact on oil-exporting countries, predominantly those in the Middle East whose existing financial wealth could be depleted in the next 15 years if
From AP News The U.S. economy slowed sharply in the April-June quarter even as consumers stepped up their spending. The gross domestic product, the economy’s total output of goods and services, grew at a 2.1% annual rate last quarter, down from a 3.1% gain in the first quarter, the Commerce Department estimated Friday. But consumer spending, which drives about 70%
Iran’s energy sector will feel the repercussions of renewed sanctions Iran has the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves, but production in the country has been suppressed by international sanctions and underinvestment. Although some sanctions targeting the energy industry were temporarily lifted, and oil production reached ~3.8 MMBOPD in 2017, growth has remained
Low interest rates mitigating the benefits of low oil prices – IMF When oil prices began to crater, it was hoped that demand would grow, giving economies a proverbial shot in the arm. Unfortunately, economic growth has remained sluggish, and has even cooled off in major demand centers like China. “The widely anticipated ‘shot in the arm’ for the global
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