(Oil Price) – The Trump Administration is pushing the World Bank to boost funding for oil and gas in what would be a U-turn in the lender’s policy not to finance new fossil fuel projects. Back in 2017, the World Bank Group said it would no longer finance upstream oil and gas after 2019. But the group noted that “In exceptional circumstances, consideration
Nasdaq WASHINGTON – The World Bank said on Monday it expected global oil prices to average $90 a barrel in the fourth quarter and fall to an average of $81 in 2023 as slowing growth eases demand, but warned that an escalation of the latest Middle East conflict could spike prices significantly higher. Source” Reuters The World Bank’s latest
World Oil (Bloomberg) – Saudi Arabia’s economic output is expected to contract this year as a series of oil-production cuts pose a risk to the kingdom which is heavily reliant on energy prices and crude production, according to the World Bank. Gross domestic product in the OPEC+ member is now seen shrinking 0.9% this year, according to the World Bank’s
Reuters The World Bank slashed its outlook for oil and metals prices on Thursday due to the economic fallout of the coronavirus pandemic and said the commodity market shock could hit developing countries hardest. Crude oil prices are expected to average $35 a barrel this year, down 43% from the average in 2019, the World Bank said, marking a sharp
The World Bank ups its forecast for crude oil prices ahead of OPEC’s November meeting The World Bank increased its forecast for crude oil prices next year to $55 per barrel from $53 as members of OPEC prepare to establish a production cap. The recovery in crude oil prices is expected to lead a wider recovery in the price of
Bank Downgrades Global Growth for 2016 – Commodity Exporters are Expected to Grow 5.4% Less than Importers The World Bank released its economic growth outlook for 2016 Tuesday, reducing its expectations from earlier this year. The bank anticipates global economic growth of 2.4%, down from 2.9% in January. 40% of that downward revision is due to commodity-exporting emerging markets
World Bank Ranks State of Health of World’s Economies The World Bank Group published one of its flagship annual reports this week: “Doing Business 2016: Measuring Regulatory Quality and Efficiency.” The report ranks and compares business regulation in 189 economies. World Bank calls the report an annual report on the state of health of those economies. Economies with good rules, not
Sees Global Glut Shrinking in 2016 Looking toward a receding global oil oversupply, the World Bank has raised its 2016 price target for oil to $41, up from $37. In its latest Commodity Markets Outlook report, the organization cites the effects of lower production from U.S. shale and disruptions in Iraq and Nigeria. The report, published quarterly, looks at global supply and demand
OPEC member Nigeria looking to fund power, transport and road infrastructure projects with cheap money Nigeria, an OPEC member and Africa’s largest economy, is looking to international institutions in order to fund its record-setting 2016 budget. With approximately 35% of GDP, 75% of government revenue and 90% of export earnings coming from oil, the continued low price of crude oil
