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World Bank cuts forecasts for crude and metal prices

World Bank cuts forecasts for crude and metal prices

World Bank cuts forecasts for crude and metal prices
"The downward revision reflects a historically large drop in demand," the World Bank said in a press release. The agency indicated that the overproduction of OPEC and other large exporters was exacerbating the drop in prices.
The global lender estimates that crude prices will average $ 35 a barrel this year, 43% less than the 2019 average, in a sharp downward revision of its estimate issued in October.

Washington . The World Bank on Thursday cut its outlook for oil and metal prices in the face of the economic consequences of the coronavirus pandemic, saying the impact on commodity markets could further affect developing countries.

The global lender estimates that crude prices will average $ 35 a barrel this year, 43% less than the 2019 average, in a sharp downward revision of its estimate issued in October.
World Bank cuts forecasts for crude and metal prices
"The downward revision reflects a historically large drop in demand," the World Bank said in a press release. The agency indicated that the overproduction of OPEC and other large exporters was exacerbating the drop in prices.

"The downward revision reflects a historically large drop in demand," the World Bank said in a press release. The agency indicated that the overproduction of OPEC and other large exporters was exacerbating the drop in prices.

For metals, the forecast is for an overall decline of 13% this, he said. But gold, a traditional refuge investment, would earn almost 15%.

The bank added that the impact of the health crisis on the values ​​of agricultural products is expected to be moderate, but that cuts in the supply chain could increase the risk of food security in some places.

"This huge upheaval in the commodity markets and low oil prices could create a serious setback for developing economies," said Makhtar Diop, Vice President of Infrastructure at the World Bank.

The organization recommended that world governments reform energy subsidy programs to free up emergency response funds for the coronavirus, and discouraged the use of tariffs or other trade protections to protect national industries.
World Bank Cuts Russia's 2019 Economic Forecast
World Bank Cuts Russia's 2019 Economic Forecast

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