May 16, 2022

Dubai Week

Complete Dubai News World

Oil fell more than 5% after IMF reports

Oil fell more than 5% after IMF reports

Although production has declined since then prices have fallen OPEC + Team According to the Coalition of Manufacturers, which Reuters saw, it produced 1.45 million barrels below its target level in March, while Russian production began to decline following sanctions imposed by the West..

Global crude oil deals fell Brent $ 5.8, or 5.2 percent, at $ 107.28 a barrel, 1600 GMT.

US West Texas Intermediate crude deals fell $ 5.7 or 5.28 percent to $ 102.50.

Warnings about high inflation

He lowered International Monetary Fund He expects the global economy to grow at a full percentage point, which is why Russia’s war in UkraineHe warned that inflation has become a “clear and current danger” for many countries.

In its latest global economic outlook, the IMF said it expects war to slow growthIncrease in inflationHe noted that his expectations were coming under “unusually high fog”.“.

Growth may slow and inflation may rise further Sanctions on the Russian energy sector The escalating war, sharper recession and new outbreak of epidemics than expected in China, while rising prices will cause social unrest.

The fund, which lowered its forecast for the second time this year, expects global growth to be 3.6 percent in 2022 and 2023, down 0.8 and 0.2 percentage points from its expectations released in January, giving the direct effects of the war. Russia and Ukraine and its global implications..

“Global economic prospects have been severely eroded by the Russian invasion of Ukraine.“.

The war intensified Swelling It is already on the rise in many countries due to supply and demand imbalances caused by the epidemic and recent locking operations in China. Global supply chains.

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The war, which Russia describes as a “special military operation”, has caused a catastrophic humanitarian crisis in Eastern Europe, leading to the displacement of five million Ukrainians to neighboring countries..

The economies of Russia and Ukraine are expected to shrink sharply, while the EU’s growth forecast for 2022 has been slashed by 1.1 percentage points..

“War-torn supplies add to the chain of shocks,” Corinza said International Economy In the past years. Like seismic waves, their effects are widespread Commodity markets Trade and finance links.